HomeMy WebLinkAboutC-2950 - Real Estate Listing Agreement for Sale of 4210 River AvenueCITY OF NEWPORT BACH
OFFICE OF THE CITY CLERK
P.O. BOX 1768, NEWPORT BEACH, CA 92658 -8915
TO: )!INANCE DIRECTOR
FROM: CITY CLERK
DATE: August 5, 1993
SUBJECT: Contract No. C -2950
(714) 6443005
Description of Contract Listing Agent for the Sale of 4210
River Avenue
Effective date of Contract June 30, 1993
Authorized by Minute Action, approved on June 28, 1993
Contract with Cannery Village Realty, Inc.
Address 2025 W. Balboa Blvd.
Newport Beach, CA 92663
Amount of Contract (See Agreement)
k/ C.i ' '
Wanda E. Raggio
City Clerk
WER:pm
Attachment
3300 Newport Boulevard, Newport Beach
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CITY COUNCIL AGENDA
ITEM NO. 10
CITY OF NEWPORT BEACH
OFFICE OF THE CITY MANAGER
JUNE 28, 1993
TO: MAYOR AND CITY COUNCIL
FROM: DEPUTY CITY MANAGER
SUBJECT: SALE OF 4210 RIVER AVENUE
BY THE CITY C
CITY OF Nr5. r'--
I JUN 2 8 1903
6
-APPROVED
ACTION: If desired, select Cannery Village Realty, Inc., as the listing agent
for the sale of 4210 River Avenue and authorize the City Manager
to execute the necessary agreements.
BACKGROUND: Sale of this property was approved by the City Council and the
electorate. A 1989 appraisal valued the property between $325,000 and $350,000. City
Council Resolution No. 92 -142 authorized the sale for a price of $350,000. An auction
conducted April 29, 1993 yielded an offer of $315,000, all cash within 30 days. That
offer expired before the City Council could respond. A higher sales price may be gained
by marketing the property through an established real estate firm.
DISCUSSION: A Request For Proposals was sent to all real estate companies in
the western part of the city and made available through the Board of Realtors. The RFP
asked for a proposed listing price backed by research, proposed commission, broker
experience and marketing plan. Eleven proposals were received and are summarized
on the attached chart. The complete proposals are available in my office.
RECOMMENDATION: All the proposers are qualified and could adequately market
the property. To select among them, the highest consideration is given to price and
commission. A high listing price and low commission are necessary to ward against
criticism that the City is not receiving the greatest value. Beyond those criteria,
experience, location and marketing strategy become important. Cannery Village Realty
proposed one of the higher prices and supported it with market data. Their commission
is among the lowest. They are located on McFadden Square and have a large
advertising sign there that lists their properties. Most importantly, one of the listing
agents has built several homes in the area and will market the property to the
construction community. For these reasons, they are recommended.
• •
Page 2
Secondary choices based on similar criteria would be Jacobs Realty and Balboa -
Newport Realty.
Proposed terms therefore would be a listing price of $405,000, a 5% commission and a
180 day listing period.
Kenneth J. De o
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EXCWf#E AUTHORIZATION AND RIGHT SELL C - zfso
MULTIPLE LISTING AUTHORIZATION
THIS IS IN1...AED TO BE A LEGALLY BINDING AGREEMENT — READ LIZAREFULLY.
CALIFORNIA ASSOCIATION OF REALTORS° (CAR) STANDARD FORAM
1. EXCLUSIVE RIGHT TO SELL: I hereby employ and grant e u / /i Z.0
hereinafter call d "Broker," the exclusive and irrevocable right commencin on _ 19' , an 1 expiring
midnight on fir! y O(Eg_ 3 / , 19� , to sell or exchange the real property situated in the City of xvez;w
Cpunty of GC7_ , California described as follows: �>o X Z60 A e: iti' T-
2. TERMS OF SALE.-The purchase price shall be A-00 —W, HIJNOIL D f-L E '/ a At) Ot X
-
($—!%Q Q S 000. — ), to be paid as follows O
The following items of personal property are included in the above stated price: &WL%_
3. MULTIPLE LISTING SERVICE (MLS): Broker is a Participant of ) O L 5
ASSOCIATION /BOARD OF REALTORS" Multiple Listing Service (MLS) and this listing information will be provided to the MLS to be published and disseminated
to its Participants in accordance with its Rules and Regulations. Broker is authorized to cooperate with other real estate brokers, to appoint subagents and to
report the sale, its price, terms and financing for the publication, dissemination, information and use by authorized Association /Board members, MLS Participants
and Subscribers.
4. TITLE INSURANCE: Evidence of title shall be a California Land Title Association policy of title insurance in the amount of the selling price.
Notice: The amount or rate of real estate commissions is not fixed bylaw. They are set by each Broker individually and maybe negotiable between the
Seller and Broker.
5. COMPENSATION TO BROKER: I hereby agree to compensate Broker, irrespective of agency relationship(s), as follows:
(a) —5--percent of the selling price, or , if the property is sold during the term hereof r any extension thereof, by Broker
or through any other ,person, or by me on the terms herein set forth, or any other price and terms I may accept, or percent of the price shown in 2,
0. - - if said property is withdrawn from sale, transferred, conveyed, leased, or rented without the consent of Broker, or made
unmarketable by my voluntary act during the term hereof or any extension thereof. �yy��
(b) The compensation provided for in subparagraph (a) above if property is sold, conveyed or otherwise transferred within 90 calendar days after the
termination of this authority or any extension thereof to anyone with whom Broker has had negotiations prior to final termination, provided I have received
notice in writing, including the names of the prospective purchasers, before or upon termination of this agreement or any extension hereof. However, I shall
not be obligated to pay the compensation provided for in subparagraph (a) if a valid listing agreement is entered into during the term of said protection period
with another licensed real estate broker and a sale, lease or exchange of the property is made during the term of said valid listing agreement.
(c) I authorize Broker to cooperate with other brokers, to appoint subagents, and to divide with other brokers such compensation in any manner acceptable to brokers.
(d) In the event of an exchange, permission is hereby given Broker to represent all parties and collect compensation or commissions from them, provided there
is full disclosure to all principals of such agency. Broker is authorized to divide with other brokers such compensation or commissions in any manner acceptable
to brokers.
(e) Seller shall execute and deliver an escrow instruction irrevocably assigning Broker's compensation in an amount equal to the compensation provided in
subparagraph (a) (above) from the Seller's proceeds.
6. DEPOSIT: Broker is authorized to accept and hold on Seller's behalf a deposit to be applied toward purchase price.
7 HOME PROTECTION PLAN: Seller is informed that home protection plans are available. Such plans may provide additional protection and benefit to a Seller
and Buyer. Cost and coverage may vary.
8 KEYBOX: I authorize Broker to install a KEYBOX: paltlen YES
Refer to reverse side for important keybox information.
9. SIGN: Authorization to install a FOR SALE /SOLD sign on the property: (Initlal(`ES ) NO
10. PEST CONTROL: Seller shall furnish a current Structural Pest Control Report of the main building
and all structures of the property, except (fnitla) YES IU °Y� )
11. DISCLOSURE: Unless exempt, Seller shall provide a Real Estate Transfer Disclosure Statement concerning the condition of the property. agree to save and
hold Broker harmless from all claims, disputes, litigation, and /orjudgments arising from any incorrect information supplied by me, or from any mate rial fact known
by me which I fail to disclose.
12. TAX WITHHOLDING: Seller agrees to perform any act reasonably necessary to carry out the provisions of FIRPTA (Internal Revenue Code §1445) and California
Revenue and Taxation Code § §18805 and 26131, and regulations promulgated thereunder. Refer to the reverse side for withholding provisions and exemptions.
13. EQUAL HOUSING OPPORTUNITY: This property is offered in compliance with federal, state, and local anti - discrimination laws.
14. ARBITRATION OF DISPUTES: Any dispute or claim in law or equity arising out of this contract or any resulting transaction shall be decided by
neutral binding arbitration in accordance with the rules of the American Arbitration Association, and not by court action except as provided by
California law for judicial review of arbitration proceedings. Judgment upon the award rendered by the arbitrators) may be entered in any court
having jurisdiction thereof. The parties shall have the right to discovery in accordance with Code of Civil Procedure §1283.05. The following matters
are excluded from arbitration hereunder: (a) a judicial or non - judicial foreclosure or other action or proceeding to enforce a deed of trust, mortgage,
or real property sales contract as defined in Civil Code §2985, (b) an unlawful detainer action, (c) the tiling or enforcement of a mechanics lien,
(d) any matter which is within the jurisdiction of a probate court, or (e) an action for bodily injury or wrongful death, or for latent or patent defects
to which Code of Civil Procedure §337.1 or §337.15 applies. The filing of a judicial action to enable the recording of a notice of pending action,
for order of attachment, receivership, injunction, or other provisional remedies, shall not constitute a waiver of the right to arbitrate under this
provision.
"NOTICE: BY INITIALLING IN THE SPACE BELOW YOU ARE AGREEING TO HAVE ANY DISPUTE ARISING OUT OF THE MATTERS INCLUDED IN
THE'ARBITRATION OF DISPUTES' PROVISION DECIDED BY NEUTRAL ARBITRATION AS PROVIDED BY CALIFORNIA LAW AND YOU ARE GIVING
UP ANY RIGHTS YOU MIGHT POSSESS TO HAVE THE DISPUTE LITIGATED IN A COURT OR JURY TRIAL. BY INITIALLING IN THE SPACE BELOW
YOU ARE GIVING UP YOUR JUDICIAL RIGHTS TO DISCOVERY AND APPEAL, UNLESS THOSE RIGHTS ARE SPECIFICALLY INCLUDED IN THE
'ARBITRATION OF DISPUTES' PROVISION. IF YOU REFUSE TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS PROVISION, YOU MAY BE
COMPELLED TO ARBITRATE UNDER THE AUTHORITY OF THE CALIFORNIA CODE OF CIVIL PROCEDURE. YOUR AGREEMENT TO THIS ARBITRATION
PROVISION It VOLUNTARY."
"WE HAVE READ AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT DISPUTES ARISING OUT OF THE MATTERS INCLUDED IN THE
'ARBITRATION OF P ES' PROVISION Tp,NEUJ9AL ARBITRATION:'
(nnian BROKER SELLER t�/ )
15. ATTORNEY'SF action,proceedin or arbitrationarisingoutofthisagreement ,theprevailin atyshall be entitled to reasonable attorney's fees and costs.
16. ADDITIONAL TERMS:Lr/�D�E57tJ�UYlj /1J/41iE��fRSt Dr�PINs
17. ENTIRE AGREEMENT: 1, the Seller, warrant that I am the owner of the property or have the authority to execute this agreement. The Seller and Broker further
intend that this agreement constitutes the complete and exclusive statement of its terms and that no extrinsic evidence whatsoever may be introduced in any
judicial or arbitration proceeding, if any, involving this agreement.
I acknowledge hat I h ve read and understand this agreement, Including the information on the reverse side, and have received a copy.
Date 6 1Z , 19 California
Seller t Address 00 Ecc
Seller City, I, ¢ Stat Zip, ,C
Inconsideration of the bove, Broker gre s to use diligence in procuring a purchaser. d Pho
Real Estate Broker �fFAJIJ ' 1(_1_9LF Rt94Li l% By Q_
Address- D1nS a.). eAZ-$61? Be LID, Cil Date
THIS STANDARDIZED DOCUMENT FOR USE IN SIMPLE TRANSACTIONS HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORS- IN FORM ONLY. NO REPRESENTATION IS MADE
AS TO THE APPROVAL OF THE FORM OF ANY BI IPPLEMENTS NOr Ct IRRFNTIY PHRI MHFO RY THE CAt IFOBNIA A.RSOOIATION OF RFMTORSe OR TVIF I FRAI VAI RNTY OR AOEOILI Y OF ANY
A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE TRANSACTIONS. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL.
This form is available for use try the emirs real estate industry. The use of this form is W intended to identify the user as a REALTOR-. REALTOR- is a registered Collective membership mark which may be used
only by real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS* and who subscribe to its Cade of Ethics.
REFER TO REVERSE SIDE FOR ADDITIONAL INFORMATION. OFFICE USE ONLY
The copyright laws of the United States (1 T U.S. Code) forbid the unauthorized
reproduction of this tonm by any means including lacerate or computerized formats. [Revi",d ry B roker of Designee CopyrightC) 1998. CALIFORNIA ASSOCIATION OF REALTORSA 525 South vigil Avenue. LPs Angeles. Califormz 90020 FORM A -14 _ J
REVIEWED 2191 -
CANNEkY VILLAGE FEALTY INC.
2025 W. BALBOA BLVD. a NEWPORT BEACH, CA a 92663
ADDENDUM A
ADDENDUM TO REAL ESTATE CONTRACT AND RECEIPT FOR DEPOSIT
following Items and conditions are hereby Incorporated In and made part of the 11 Real Estate Purchase Contract and Receipt for Deposit,
Mobile Home Purchase Contract and Receipt for Deposit, ❑ Business Purchase Contract and eceipl, o-otherC%%.J Si t /['-
JY}l/�1? / ?i�'i7( t! ��lL��'T7J %•�C date
_,19f,on property known as:
in which
_ _ is referred to as Buyer
and L-, Ty 6�E AZA 'T � }? iG. is referred to as Seller.
A. PROFESSIONAL COUNSEL: Buyer(s) and Seller(s) are advised to seek tax and legal counsel for answers to any questions they may have
regarding this transaction. Buyer Seller
B. RECOMMENDATIONS FOR EXPERTS: Buyer(s) have been strongly advised to retain qualified experts such as engineers, contractors, and
other qualified experts to discover all facts materially affecting the value or desirability of this property, and have been advised to obtain written reports from
said experts. Buyers) are not relying upon any advice, oral, or written representations from Broker(s), its Agent(s), or emptoyee(s) in making their decisions
to purchase. A "third party' inspection is recommended to ascertain condition of pool, roof, appliances, plumbing, heating and air conditioning.
Buyer Seller
C. DISCLAIMER OF QUALIFICATIONS IN OTHER FIELDS AND BROKER DUTIES: Buyers) and Sellars) acknowledge that Real Estate
Brokers and Agents, are retained solely to market the real property and are not experts retained or qualified to perform any other services. The duties of
Real Estate Brokers and Agents are set forth in the listing agreement, by statute and the regulations of the Department of Real Estate.
Buyer Seller
D. WAIVER AND ASSUMPTION OF RISK: If Buyer(s) fail to obtain such expert advice and reports before the close of escrow, or as set forth in
deposit receipt, inspection reports and escrow instructions, Buyer(s) shall be deemed to have assumed the risk of all defects and hereby waives any and all
claims against Broker(s), Broker's Agent(s) and employee(s), Seller(s) and escrow. Buyer Seller
E. SOIL CONDITION: It is common in Southern California to find many properties are susceptible to settling, slipping or other movement with resulting
damage because the property may be built on filled or improperly compacted soil with improper drainage or underground water or located in an area of
Geological Hazards such as landslides, fault movements, expansive soils or other conditions. Said earth movement on subject property may effect future
value in regard to new loans and/or future sales. Therefore, in purchasing this property, it is expressly agreed between Buyers) and Sellers) and
Broker /Agent that Buyer(s) are purchasing the real property in its 'as- is- condition and with all faults' as to soil and all soil related problems of any nature
whatsoever whether caused from the soil in its natural state or modified by third person(s) or business entities. Realtors are not experts in the fields of soils,
geology, construction, or engineering and have no knowledge of soil conditions or defects affecting this property or the buildings thereon.
Buyer(s) has elected to have a Geological Inspection. Buyer(s) has elected NOT to have a Geological Inspection.
Buyer Seller
F. TOXIC AND HAZARDOUS MATERIALS: Various material utilized in the construction of any improvements to real property may contain materials
that have been, or may in the future be determined to be toxic, hazardous or undesirable, and may need to be specifically treated, handled and/or
removed from property. For example, some electrical transformers and other electrical components can contain PCB's, and asbestos has been used in a
wide variety of building components, including but not limited to fireproofing, air duct insulation, acoustical bias, spray -on acoustical materials, and linoleum
floor files, and. Current and future federal, state and local laws and regulations may require the clean -up of such toxic, hazardous or undesirable materials
at the expense of those persons who in the past, present or future have had any interest in the property including, but not limited to, current, past and
future owners and users of the property, Buyer(s) and Seller(s) acknowledge that the real estate agents and brokers in this transaction have no expertise
with respect to toxic wastes, hazardous materials, radon gas, of other undesirable substances including but not limited to PCB's and asbestos, all
hereinafter referred to as "Hazardous Materials' Inspections of the subject property by qualified experts are necessary in order to determine the presence
of current or potentially hazardous materials within, under, or in the vicinity of the subject property. Unless otherwise agreed in writing, Buyer(s) hereby
accepts sole responsibility for conducting good faith, diligent investigation, and shall be solely responsible for the retention and payment of all costs of
qualified experts to deal with the detection, removal and correction of all toxic and hazardous materials from the property.
Buyer Seller
O. REAL PROPERTY REPORT: If required by local ordinances, Seller(s), at Seller(s)' expense, will provide a Real Property Report to the Buyer(s)
within _ days from acceptance of offer and Buyer(s) will approve of same within days from receipt. Said report shall not be disapproved for
any unreasonable cause. Buyer shall review City and County records on subject property on or before approval of Real Property Report.
Buyer Seller
H. NEW ROADS AND FREEWAYS: New roads, freeways, access roads to freeways and other road developments may affect the value or
desirability of this property, including widening of existing streets. Buyer is responsible for investigating the impact of such development on the value of this
property. Buyer Seller
I. DEVELOPMENT AND CONSTRUCTION: Future development, construction, improvement and remodel projects may be on request or even
approved/permitted in the vicinity of the subject property which will have an impact on the subject property including but not limited to views, noise levels,
dust pollution, traffic density, light patterns, airflow, privacy and the quality of life in general. Buyer Seller
J. NOISE /NUISANCE: The subject property may be impacted by traffic, military and commercial flight noise and may be located directly beneath an
existing flight corridor. Said flight corridors may be subject to change without advance notice. Buyer is aware that the flight pattern for the USMC Air
Station, El Toro extends approximately one mile on either side of Crown Valley Parkway; military and commercial helicopters also fly over Orange County.
Buyers are aware of the noise created by air traffic from John Wayne Airport. Buyer Seller
K. PROXIMITY TO NUCLEAR POWER PLANT: San Juan Capistrano, Capistrano Beach, Dana Point, and San Clemente are located in the
"emergency zone" for the San Onofre Nuclear Power Plant, which is located on the coast approximately 10 miles south of Dana Point Harbor and 20 miles
south of Laguna Beach. Buyer Seller
L. NEW JAILS AND AIRPORTS: Buyer(s) and Seller(s) acknowledge they have been advised that Orange County Board of Supervisors have voted
to place a new jail and related facilities at Gypsum Canyon and Coal Canyon in East Orange County, just off the 91 Freeway. Other sites may also be
chosen. Studies are in progress for new airports. Buyer Seller
S (As requited by the Civil Code)
CAMRNIA ASSOCIATION OF REALTORSe )CAR) STANDARD
amen you enter into a discussion with a realfte agent regarding a real estate transaction, you should from the outset understand what type
of agency relationship or representation you wish to have with the agent in the transaction.
SELLER'S AGENT
A Seller's agent under a listing agreement with Seller acts as the agentfor the Seller only. A Seller's agent or a subagent of that agent
has the following affirmative obligations:
To the Seller:
(a) A Fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Seller.
To the Buyer & the Seller:
(a) Diligent exercise of reasonable skill and care in performance of the agent's duties.
(b) A duty of honest and fair dealing and good faith.
(c) A duty to disclose all facts known to the agent materially affecting the value or desirability of property that are not known to,
or within the diligent attention and observation of, the. parties.
An agent is not obligated to reveal to either party any confidential information obtained from the other parry which does not involve the
allirmative duties set forth above.
BUYER'S AGENT
A selling agent can, with a Buyer's consent, agree to act as agent for the Buyer only. In these situations, the agent is not the Seller's
agent, even If by agreement the agent may receive compensation for services rendered, either in full or in part from the Seller. An
agent acting only for a Buyer has the following affirmative obligations:
To the Buyer:
(a) A fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Buyer.
To the Buyer & Seller:
(a) Diligent exercise of reasonable skill and care in performance of the agent's duties.
(b) A duty of honest and fair dealing and good faith.
(cl A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known
to, or within the diligent attention and observation of, the parties.
An agent is not obligated to reveal to either party any confidential information obtained from the other party which does not involve the
affirmative duties set forth above.
AGENT REPRESENTING BOTH SELLER 6 BUYER
A real estate agent, either acting directly or through one or more associate licensees, can legally be the agent of both the Seller and
the Buyer in a transaction, but only with the knowledge and consent of both the Seller and the Buyer.
In a dual agency situation, the agent has the following affirmative obligations to both the Seller and the Buyer:
(a) A fiduciary duty of utmost care, integrity, honesty and loyalty in the dealings with either Seller or the Buyer.
(b) Other duties to the Seller and the Buyer as stated above in their respective sections.
In representing both Seller and Buyer, the agent may not, without the express permission of the respective party, disclose to the other
party that the Seller will accept a price less than the listing price or that the Buyer will pay a price greater than the price offered.
The above duties of the agent in a real estate transaction do not relieve a Seller or a Buyer from the responsibility to protect their own interests.
You should carefully read all agreements to assure that they adequately express your understanding of the transaction. A real estate agent is a
person qualified to advise about real estate. If legal or tax advice Is desired, consult a competent professional.
Throughout your real property transaction you may receive more than one disclosure form, depending upon the number of agents assisting in
the transaction. The law requires each agent with whom you have more than a casual relationship to present you with this disclosure form. You
should read its contents each time it is presented to you, considering the relationship between you and the real estate agent in your specific
transaction.
This disclosure form includes the provisions of article 2.5 (commencing with Section 2373) of Chapter 2 of Title 9 of Part 4 of Division 3 of the
Civil Code set forth on the reverse hereof. Read it I carefully.
I /WE ACKNOWLEDGE RECEIPT OF A COPY OF THIS DISCLOSURE.
Date Z'' -S TIME C' A M�
BUYER/SELLER / /� Date TIME AM /PM
AGENT (L �l%'�V 1 � !r /CL yi7By S 5--,.r - Date a-' ?
(Please Prim) 7 / ssWate LCe abi ker-sigoalurel
CCMFIRMATION
REAL ESTATE AGENCY RELATIONSHIPS
Subject Property Address
The following agency relationship(s) is /are hereby confirmed for this transaction:
_ISTING AGENT:
is the agent of (check one(:
❑ the Seller exclusively; or
❑ both the Buyer and Seiler
WE ACKNOWLEDGE RECEIPT OF A COPY OF THIS CONFIRMATION.
eller
SELLING AGENT:
(if not the same as Listing Agent(
is the agent of (check one):
❑ the Buyer exclusively; or
❑ the Seller exclusively; or
❑ both the Buyer and Seller
Date Buyer
Date
lller Date Buyer Date
:ling Agent CA9&2 %t"4 er ADNzfV By - Date
(Please "IN) IASSOciale L neee Broker- Signeturel
Icing Agent Date
(Please Prmtl IASSncWle LICenSCe a Brakerv$,gnaWrel
A REAL ESTATE BROKER 15 OUALIFIED TO ADVISE ON REAL ESTATE. IF YOU DESIRE LEGAL ADVICE, CONSULT YOUR ATTORNEY.
form is available for use by the entire real estate industry use of this form is not intended to identify the user as a REALTORv'. REALTORe is a registered collective
nbershlp mark which may be used only by teal estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS'^ and who subscribe to its Code of Ethics.
OFFICE USE ONLY
m hlo 1987, CALIFORNIA ASSOCIATION OF REALTORS'e Reviewed by Broker or Designee
I e FORM AD -11 /AC -6 9
>outh Virgil Avenue, Los Angeles. California 90020 (cominneell Date 9reoamxm
LLSG1gV.92
GEOLOGI EISMIC AND FLOOD HAZARD D�
� LOSURE
' ❑ CWORNIA ASSOCIATION OF REALTORS° STANDARD FO
The paragraph(s) below, when, initialled by both Buyer and Seller, are hereby incorporated in and made apart of the ❑ Real Estate Purchase
Contract and Receipt for Deposit, ❑ Investment Purchase Contract and Receipt for Deposit, ❑ Commercial Real Estate Purchase Contract
and Receipt for Deposit, ❑ Business Purchase Contract and Receipt( ( r Deposit, ❑ Lots and Land Purchase gont�ract and Receipt for Deposit,
Q,Mobile Home Purchase Contract and Receipt for Deposit, L+SOther 4 / f2 / L� 6 �i V i/�f �s�JAnoAI ZWO
dated
in whi
and
Buyer's lnalale Seller's Initial&
, on property known as
is referred to as Buyer
is referred to as Seller.
1. FLOOD HAZARD AREA DISCLOSURE: Buyer is informed that the Property is situated in a "Special
Flood Hazard Area" designated by the Federal Emergency Management Agency (FEMA) in a "Flood Insurance Rate Map" (FIRM) or "Flood
Hazard Boundary Map" (FHBM). The law provides that as a condition of obtaining financing on most structures located in a Special Flood Hazard
Area, lender(s) may require flood insurance where the Property or its attachments are security for a loan.
The extent of coverage and the cost may vary. For further information consult the lenders or insurance agents. No representation or
recommendation is made by the Seller and the Broker(s) in this transaction as to the legal effect or economic consequences of the National
Flood Insurance Program and related legislation.
Buyer's Initials Sellers Initials
2. GEOLOGIC, SEISMIC HAZARD DISCLOSURE:
(a) Buyer is informed that the Property is situated in the zone(s) /area(s) designated below:
❑ Special Studies Zone (SSZ) designated under Public Resources Code § §2621.2625.
❑ Seismic Hazards Zone (SHZ) designated under Public Resources Code § §2690- 2699.6.
❑ Locally designated zone(s) / area(s) where disclosure is required by local ordinance:
El
El
❑ Local ordinance additionally requires disclosure of the following information:
(b) The construction or development of any structure for human occupancy located within one of these zone(s) /area(s) may be subject
to the findings of a geologic report prepared by a geologist registered in the State of California unless such report is waived by the
City or County under the terms of those statute(s) /ordinance(s). Disclosure of SSZs or SHZs are required only where the respective
maps, or information contained in the maps, are "reasonably available"
3. This paragraph applies only If the above referenced contract DOES NOT CONTAIN a provision for Buyer's disapproval or approval
of the applicable flood, geologic or seismic hazards Information:
(a) Buyerisallowed .3 calendar days after receipt of the above disctosure(s) to make further inquiries at appropriate governmental
agencies, lenders, insurance agents, or other appropriate entities concerning use of the Property under local building, zoning, fire,
health and safety codes as may be applicable under the Special Studies Zone Act, Seismic Hazards Mapping Act, local geologic
ordinances, or National Flood Insurance Program. Buyer shall provide written notice to Seller of any items disapproved within this time
period.
(b) If Buyer gives written notice of disapproval of items under the above paragraph(s), Seller shall respond in writing within calendar
days after receipt of such notice. if Seller is unwilling or unable to correct items reasonably disapproved by Buyer, then Buyer may
cancel this Agreement by giving written notice of cancellation to Seller within __.3._ calendar days (after receipt of Seller's response,
or after expiration of the time for Seller's response, whichever occurs first), in which case Buyer's deposit shall be returned to Buyer.
BUYER'S FAILURE TO GIVE WRITTEN NOTICE OF DISAPPROVAL OF ITEMS OR CANCELLATION OF THIS AGREEMENT WITH IN
THE SPECIFIED TIME PERIODS SHALL CONCLUSIVELY BE DEEMED BUYER'S ELECTION TO PROCEED WITH THE
TRANSACTION WITHOUT CORRECTION OF ANY REMAINING DISAPPROVED ITEMS WHICH SELLER HAS NOT AGREED TO
CORRECT. Buyer and Seller may agree in writing to extend these time periods.
The undersigned acknowledge receipt of a copy.
Date
Buyer
Buyer
Date
,
Seller
Seller
THIS STANDARD DOCUMENT HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORS* IN FORM ONLY. NO REPRESENTATION IS MADE AS TO THE
_EGAL VALIDITY OF ANY PROVISION OR THE ADEQUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION.
A REAL ESTATE BROKER IS THE PERSON QUALIFIED TOADVISEON REAL ESTATETRANSACTIONS. IF YOU DESIRE LEGALORTAX ADVICE, CONSULT AN APPROPRIATE
'ROFESSIONAL.
- rhistomn isavaltablefor use bytheentire realestateindustry. The ussotthistonn is M intandedtoidentltytheuser asaREALTOR '.REALTOR& isaregistaredcotlective membership
nark which may be used only by real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS* and who subscribe to its Code of Ethics.
'M copyrIgN Is" of IM United Staten (17 U.S. Code) forbid the unauthorized OFFICE USE ONLY
aprodunion of this form by any means including facsimile or computerized formats. a.
[Reviewed by &oker or Designee 25 So th ral! 1991, A CALIFORNIA ASSOCIATION OF REALTORS& O�xlr�laa�rl'
2a South Virgil Avenue, Los Angeles. California 9pb20 FORM GFD -14
wscJww
IF
"Addendum to Exclusive Authorization and Right to Sell"
Dated June 29th 1993
The seller herein referred to as City of Newport Beach has the
following exclusions on the sale of the lot located at 4210 River
Ave.
They are;
Robert Sullivan
Michael Steiner
In the event either of these buyers successfully closes escrow
Cannery Village Realty, Inc. agrees to charge a 5% commission
only on any proceeds over $315,000. Maximun commission to be
$4,500.
Q
a ery Vil aW Realty, Inc.
Seller
— --�� —"
Date
CANNERY VILLAGE FEALTY INC.
2025 W. BALBOA BLVD. NEWPORT BEACH, CALIFORNIA 92663 (714) 673 -3777
17. ENTIRE AGRFFMFNT• I