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HomeMy WebLinkAboutProperty Sold - West Newport Library Facility0 0 CITY OF NEWPORT BEACH OFFICE OF THE CITY ATTORNEY August 11, 1994 TO: Bob Burnham FROM: Laura Sheedy RE: Tom Miller Claim /West Newport Library You've asked me to look into the claim filed by Tom Miller alleging that we failed to inform him that there is asbestos present in the West Newport Library. I have looked at the appraisal report dated October 9, 1992, the Sales Agreement between Tom Miller and the City, and a memo from Faysal Jurdi, dated July 14, 1992, regarding the condition of the library. The escrow instructions at Page 3, Paragraph 2, state that the property is sold as -is, pursuant to Paragraph 10 of the Purchase Contract, in its present condition, without warranty. Paragraph 10 (B) referred to in the escrow instructions states that the property is sold as -is, without warranty. The seller is, however, obligated to disclose adverse material facts which are known to the seller, and any disclosures required by law. That Purchase Contract further reads at Paragraph 9 (G) that Buyer is strongly advised to investigate the condition and suitability of all aspects of the property, including potential environmental hazards, such as asbestos, etc. According to Tom Miller, he based his offer on the appraisal prepared by Fuller and Associates dated October 9, 1892. That appraisal states, at Page 3, Paragraph 12, "That unless otherwise stated in this report the existence of hazardous substances, including without limitation asbestos, ..... were not called to the attention of, nor did the appraiser become aware of such during the appraiser's inspection. The value estimated is predicated on the assumption that there is no such condition on or in the property, or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them." L] 0 The factual data on which the appraisal was based, at Page 19, states that a City of Newport Beach Inspection Report, dated July 14, 1992, indicated no evidence of asbestos. That Inspection Report is attached to the back of the appraisal, and states: "We are unaware of any site contamination or of the presence of asbestos in this structure. This can only be determined by a testing agency." The City made no affirmative representations that there is no asbestos, Faysal merely stated that the City is unaware of whether there is or is not asbestos. I believe, because this is a commercial property, sold as -is, the City is not liable for the presence of asbestos on the site. Civil Code §2079.7 requires that a seller is required to disclose the existence of known environmental hazards on or affecting the real property. Again, in this case, we were not aware of any asbestos in the building and therefore have no duty to disclose. I believe we would not be liable on Tom Miller's claim. 1T dA /'n v ISS:wb rbV)dnil le." wEWPORT BEACH TO: FROM: SUBJECT: DATE: -15 -92 : 4:28PM : LICENSE DIVOON- 7146444065;ii 2 CITY OF NEWPORT BEACH P.O. BOX 1768, NEWPORT BEACH. CA 92659.1768 MEMORANDUM Kenneth Delino, Deputy City Manager Faysal Jurdi, Chief Plan Check Engineer Structural Condition of Library Storage Building. 00 W. Coast Highway, Newport Beach July 14, 1992 Upon your request, we reviewed our records and conducted an inspection of the subject building and made the following observations: A. The building is a single story, wood and stucco structure, approximately 2100 sq. ft. in area built in 1961. B. An unreinforced masonry screen wall in front of the building is severely cracked and must be demolished. This wall is not a part of the building. C. Planters along the front wall of the building do not drain properly. In its present condition water may pond and flow into the building. D. Wall mounted air conditioner located on the west and of the front wall is rusted and requires replacement. E. Forced air heating unit in the west wing of the building appears to need repairs. F. Visual inspection of the building exterior and interior did not reveal any cracks or deflection to indicate any structural distress. Our records show that the building was reroofed in 1985. The roof appeared to be in good condition. We are unaware of any site contamination or of the presence of asbestos in this structure. This can only be determined by a testing agency. FJ:jf • • CITY OF NEWPORT BEACH OFFICE OF THE CITY ATTORNEY July 29, 1994 TO: Laura Sheedy FROM: Robert H. Burnham SUBJ: Tom Miller Claim I have attached a copy of a claim filed by the individual who purchased the West Newport Library. As you can see, the claimant contends he relied upon information in the appraisal to the effect that "City of Newport Beach inspection report, dated July 14, 1992 indicates no evidence of asbestos." Ken Delino contends claimant is "jacking us around" and bought the property "as is" with no warranty. Please determine if the City is in any way liable and determine the origin of the report referenced in the appraisal. I, would like a response in the neitt week or so. Robert H. Burnham City Attorney RHB:gjb cc:Kevin Murphy LSHiiier.mem i^ U. . Wua a Pulice report lahn1)7 No. 7. Nnnxe or nnmes of the City of Newport Beach employee or employees causing the Injury, damnge or loss. if known: Assistant City'Manager — Mr. Kenneth J. Delino" 8. the amount claimed as of the date of presentation of the claim, Including the estimated amount of any prospective Injury, damage or loss. Insofar as it maybe known at the time of presentation of this claim, together with the basis of computation of the amount claimed: $4,830.00 (See Attached Estimates) No estimated amount of any injury, damage or other loss as of this date. Signature or claimant or his /her Authorized representative: Today's Dale: Telephone number area code Please send completed form to: City Clerk G6WM FOR DAMAGE AGAIN IPHE P. O. Boa 1768 CITY OF NEWPORT BEAM�► NewnortBeach CA 92659 -1768 1 RECEIVED JUN 29 1994 aeml 1. Name of Claimant: Tom-Miller _ OF 2. Address of Claimant 6000 West Coast Highway Newport Beach, CA 92663 Id 3. Address to which notices are to be sent: 6308 West enact High ' I ay I Newport Beach, Ca 92663 4. Dale. place and other circumstances of the occurrence or transaction which gave rise to the claim asserted: May•27, 1994 - 6000.West Coast Highway, Newport Beach, CA It was determined that there was asbestos on the premises. contrary to an appraisal report dated October 9, 1992 submitted to the city of Newport Beach. (See Attached) Purchase price was predicated 6n informatinn p=iiAorl hcy Appraisal by nillar T. Acarri tp� Q f l t !1 ao-ha tQS1 Gity of ?; .e-t 5.. ' 1 F I Beach inspection Repppp� date@a �77�������� 14 1994 indica ��,,,,��1PP of asbestos." General descf1pllon of lncl'ebledness. obligation, liiJury. damage oar Ioss�nPCim€ . For removal of floortile and mastic at the subject address. (See attached lab report from Asbestos Detection Tnrnrpnrare,i) i i^ U. . Wua a Pulice report lahn1)7 No. 7. Nnnxe or nnmes of the City of Newport Beach employee or employees causing the Injury, damnge or loss. if known: Assistant City'Manager — Mr. Kenneth J. Delino" 8. the amount claimed as of the date of presentation of the claim, Including the estimated amount of any prospective Injury, damage or loss. Insofar as it maybe known at the time of presentation of this claim, together with the basis of computation of the amount claimed: $4,830.00 (See Attached Estimates) No estimated amount of any injury, damage or other loss as of this date. Signature or claimant or his /her Authorized representative: Today's Dale: Telephone number area code Please send completed form to: City Clerk City of Newport Beach P. O. Boa 1768 NewnortBeach CA 92659 -1768 t t+ n i 7 � 1 A :1 A %� LABORATORY ANALYSIS R�RTS No. E -1961 BULK ASBESTOS ANALYSI I (40 C.F.R. part 763, subpart F. Appendix A, pages 293 -299 ASBESTOS DETECTION, INC. Client Name: Enkay 12862 Garden Grove Blvd., Suite 220 Garden Grove, CA92643 Client Address: 878 18th Street ' (714) 530 -1922 Costa Mesa, CA 92627 Estimated percentages by area. Re: P.O. #8086 Detection Limit 1% asbestos Job #Library - PCH 1 ' This report pertains to 'samples investigated and does not necessarily apply to other apparently identical or.similar materials. r This report is not to be reproduced without the express permission of Asbestos'Detection co., Inc. Sample No. 05E1961 -1 ADI Lab No. 18267 _:: `! ^_- "_ Type of material: Tile Color: Brown /tan •:.:': C:4YUr Type(s) of.Asbestos, present: "- 1. Chrysotile Percentages 12 -16t - r, 2. Percentage: ^» Other fibrous material present:-None - other non - fibrous material present: Granular minerals Analyst's comment, if applicable: N/A - - - - - - - - - - - - - - - - - - - - - - - - -------------- -- ----------- -- ---------- - - -- -- -- Sample No. 05E1961 =1A ADS Lab No. 18267 -A I' Type of material: Mastic on 18267 Color: Black Type(s) of Asbestos present: _ 1. Chrysotile Percentagd: 10 -128 ' 2. Percentage• 4:' Other fibrous material present: Cellulose <1$ Other non- fibrous material present: Resins; granular mineral$- Analyst's comment, if applicable: N/A - 5-27 -94 Date - 1 A 1 • R. Frauenberger 1� Analyst Approve By 1 .1 r f' f' r i r 1: t �f 4:' P.W. STEPI &S CONTRACTORS, INC. June 6, 1994 ENVIRONMENTAL HEALTH AND SAFETY COMMERCIAL I INDUSTRIAL F RESIDENTIAL Property House Realtors 6308 West Coast Highway Newport Beach, CA. 92663 Regarding: 6000 Pacific Coast Highway Asbestos Abatement We- propose to furnish labor and material to remove approximately 2100 square feet (VAT) of asbestos containing floor tile and mastic at the above location. In addition, we will dispose of asbestos debris outside of the building as shown on the jobwalk. The,Price for this work is $5,600.00. Respectfully, P.W.. STTEPPHEN�S CONTRACTORS, INC. Dick Austin DA/cv 727 South Ninth Avenue I City of Industry, CA 917451(818) 330 -7221 I FAX (818) 968.6008 / ST. uC. No. 443402 r .l 1 n.: y'r ra :' 1. CALSWE LIC. • 509785 P.O. BOX 1344 NEWPORT BEACH, CA .z. 92663 ENKAY. ENGINEERING &. EQUIPMENT. CO., INC..: 878 W. 18TH STREET, COSTA MESA, CA 92627 714.548.5088 • Fax 714.548.8579 June 6, 1994 Pfoperty House Realtors 6308 West Coast Highway Newport Beach, CA 92663 RE: 6000. Pacific Coast Highway P -1613 Bid Price Of- $4,830.00 Att: Mr. Tom Miller A. Scope of Work 1. The.work will consisT..of removal and disposal-,of approximately 2,100 square feet of floortile and mastic from interior of building-and approximately 300 square feet of- . floortile and debri from exterior of building. 2- The areas with floortile material will be prepared with - 1' layer of oolyethlyene on the walls 4 ft. high. A decontamination chamber will be established. 3. Once the areas are contained, the floortile material will be sprayed with a wetting agent to penetrate the' surface to minimize air fibers - during the .removal process. - 4. After the asbestos is removed, the area will be cleaned and encapsulated. The area can be tested and pass a clearance of 0.01 f /cc using PCM NIOSH 7400 methodology. 5. Enkay Engineering is -not responsible for .marks on the. walls or wallpaper due to adhering layers of polyethylene, or the removal of asbestos containing material. These efforts will cause minor damage and may require repairs by others. ASBESTOS ABATEMENT COMMERCIAL • INDUSTRIAL • RESIDENTIAL Page 2 P -1613 6. In order to remove the floor material, all debris must be removed_ We will not be responsible for .. moving equipment or furniture. 7_ Work'will be performed in accordance with, and in most cases exceed, standards set by EPA, OSHA, NIOSH and SCAQMD. S. Waste and debris will be transported by Enkay. and disposed of by a licensed hauler and certified landfill in accordance with. EPA.and OSHA requirements. .: A t'eh' Worki'ng'°�'ary gency notifY'cition` is required before the work commences. 10. Owner will provide water and power for our use. B. Estimate Schedule. 1. Removal of all above mentioned materials is estimated at one to three working days from the start of abatement. Sincerely. 7 �JC�J J;�7 Z Mlchael C. Ay Estimato': MCA :dJ Ll { ®�MARINERS ESCROW CORPORATION The City of Newport Beach Attn: Ken Delano 3300 W. Newport Blvd Newport Beach, CA 92660 Dear Ken: 41 East. Mezzanine, Four Corporate Plaza Newport Beach, Califomia 92660 Post Office. Boa 8808 Newport Beach, Califomia 92658 Phone (714) 640 -6040 Fax (7141 721 -8157 Date: August 16, 1994 Escrow No.. 10013DM Subject Property: 6000 West Coast Hwy Newport Beach, CA 9.2660 In connection with the above numbered escrow, we herewith enclose the following items: Amendments dated 3/22./94 and 3/30/94. Please sign and return in order to complete our file and distribute funds held in escrow per instruction. Please do not hesitate to contact the undersigned if you have any questions in regards to t)hisn)"ter. Sincerely Tohfs, Neill /Pamela Officer (P44010 � MARINERS ESCROW CORPORATION Escrow No.: 10013DM L� • 19 1 IJ. 11 1:" D 19 � Re: 6000 West Coast Hwy Newport Beach, CA 92660 TO: MARINERS ESCROW CORPORATION Date: March 22, 1994 My previous instructions in the above numbered escrow are hereby mwoded and /or supplemented in the following particulars only: Buyer's Vesting is amended to read as follows: Tan B. Miller, an unmarried man as to an undivided 1/3 interest and Charles Baur, a married man as his sole and separate property as to an undivided 1/3 interest and Edward Baur, a married man as his sole and separate property as to an undivided 1/3 interest, all as Tenants in Co mion. ALL ELSE TO REMAIN THE SAME AND UNCHANGED. v / • la r ly ENE OF THE UNDERSIGM STATES THAT HE HAS READ THE PIOREOOING INSTRUCTIONS AND UNEERSTANDS THEM AND DOES HEREBY A MWLEDGE RECEIPT OF A COPY OF THESE INSTRUCTIONS. Tan B. Miller ward Baur EASTZZATIINE • FbUH CORPOFiATPLA -ZA. DR)VE • NEWPORT BEACH. CALiFORN1A 92660 x(774) 640 -6040 • FAX (714) 7278157 MARINERS East Mezzanine, Four CaipomtePlam Newport Beach, Califomia92660 ® ESCROW CORPORATION Pont afifo Box 92658 Newport Beach, Celifomia 92656 Phone (714) 640 -6040 Fm (714) 721 -6157 AMENDMENT AND /OR SUPPLEMENT TO ESCROW INSTRUCTIONS Escrow No.: 10013DM Date: March 30, 1984 Re: 6000 West Coast Hwy Newport Beach, CA 92660 TO: MARINERS ESCROW CORPORATION My previous instructions in the above nurbered escrow are hereby amended and /or supplemented in the following particulars only: Seller hereby authorizes Mariners Escrow Corporation, the escrowholder, to withhold the sun of $1,500,00 from seller's proceeds as of the date of close of escrow, representing funds held for completion of termite repair. Escrowholder is authorized and instructed to hold the funds in escrow pending completion of termite repair. Seller to authorize payment of said termite bill upon completion of all work. Escrowholder is authorized and instructed to disburse the remaining balance to the seller. All other terms and conditions remain the same and unchanged. End of Instructions EACH OF THE UNDERSIGNED STATES THAT HE HAS READ THE FOREGOING INSTRUCTIONS AND UNDERSTANDS THEM AND DOES HEREBY ACKNOWLEDGE RECEIPT OF A COPY OF THESE INSTRUCTIONS. Tom B. Iviller P" ~ The City of Newport Beach Charles Baur E- n .rim -wv {® MARINERS ESCROW CORPORATION la n is n •° �r • • a is • atV "• • Escrow No.: 10013DM Re: 6000 West Coast Hwy Newport Beach, CA 92660 TO: MARINERS ESCROW CORPORATION Date: March 22, 1994 My previous instructions in the above numbered escrow are hereby amended and /or supplemented in the following particulars only: Buyer's Vesting is amended to read as follows: Tan B. Miller, an unmarried man as to an undivided 1/3 interest and Charles Baur, a married man as his sole and separate property as to an undivided 1/3 interest and Edward Baur, a married man as his sole and separate property as to an undivided 1/3 interest, all as Tenants in Co mlon. � • - a 1 1 r � �•r•u`� a1• a • • 17 • 17 y.• • 1 r r r lar l•r• r r• ;0t i •:•roe• ti -n r n u;a r 10 r r•a. 1a o: V� • ar• aV • •• • 1x Tan B. Miller Edward Baur EAST n7ZATiIf1E • FU CORPO�IATE PLAZA DRIVE • NEWPORT BEACH. CALL fOAN1A 92660 - (714) 640 -6040 • FAX (714) 721 -8157 MARINERS ESCROW CORPORATION AMENDMENT AND /OR SUPPLEMENT TO ESCROW INSTRUCTIONS Escrow No.: 10013DM Re: 6000 West Coast Hwy Newport Beach, CA 92660 TO: MARINERS ESCROW CORPORATION r� Mezmnioe,Four Corporate Plain Newport Beach, California 92660 Post Office Box 8808 Newport Beach, Calffonua.92658 Phone (714) 640 -6040 Fm (714) 721 -8157 Date: March 30, 1994 My previous instructions in the above numbered escrow are hereby amended and /or supplemented in the following particulars only: Seller hereby authorizes Mariners Escrow Corporation, the escrowholder, to withhold the sum of $1,500.00 from seller's proceeds as of the date of close of escrow, representing funds held for completion of termite repair. Escrowholder is authorized and instructed to hold the funds in escrow pending completion of termite repair. Seller to authorize payment of said termite bill upon completion of all work. Escrowholder is authorized and instructed to disburse the remaining balance to the seller. All other terms and conditions remain the same and unchanged. End of Instructions EACH OF THE UNDERSIGNED STATES THAT HE HAS READ THE FOREGOING INSTRUCTIONS AND UNDERSTANDS THEM AND DOES HEREBY ACKNOWLEDGE RECEIPT OF A COPY OF THESE INSTRUCTIONS. Tom B, iller/ Charles Baur The City of Newport Beach En liAn • ((**a MARINERS ESCROW CORPORATION 5 EAST MEZZANINE FOUR CORPORATE PLAZA NEWPORT BEACH CA 92660 (714) 640 -6040 PAY One Thousand Five Hundr,d nrd No;100t* r- TDTHE ORDER OF Citr o` `.ewport Beach 33'0 N2wDort soulevsrd i`iewport Reach, California Attention: Ken Delano L First Interstate Bank of California Newport Center Office NO. 7 8 6 2 0 1 Civic Center Plaza, Suite 200 Newport Beach, CA 82660 16- 211270 ESCROW 10548DM DATE January 18, 1995 1220 1,500.00 L;-1`1M MARINE ESCROW CO PORATION crow Trust Acc nt O: 004 -00 1 11.07862011' 1:1 2 2000 2 181:270317970114 Please detach and retain this statement for your records. NO. 6 2 Q The attached check is payment for the nems described below. Please notify us immediately if this is incorrect. lr I MARINERS ESCROW CORPORATION East Mezzanine • 4 Corporate Plaza • Newport Beach CA 92660 • (714) 640 -6040 Escrow No. 10548DM January 18, 1995 $1,500.00 Release of funds par instructions/ 6000 West Coast Highway, Newport Beach, California • CITY COUNCIL AGENDA ITEM NO. 9 CITY OF NEWPORT BEACH OFFICE OF THE CITY MANAGER JANUARY 24, 1994 TO: MAYOR AND CITY COUNCIL FROM: ASSISTANT CITY MANAGER SUBJECT: SALE OF WEST NEWPORT LIBRARY FACILITY • ACTION: If desired, approve and authorize City Manager to execute a listing agreement with Cannery Village Realty for the sale or lease of 6000 West Coast Highway. BACKGROUND: The City Council approved the sale of this property in December 1992 for a price of $320,000. The property was appraised in September 1992 at a value of $340,000 but a mistake in the appraisal was corrected to yield a value of $325,000. The property will be vacated on February 1, 1994, and there is an interested buyer. However, before proceeding with this buyer it will be necessary to expose this property to the general market. DISCUSSION: Cannery Village Realty has submitted an excellent proposal (available in my office) to market this property at a price of $329,000 with a 5% commission. Sale at this price after expenses would net the City approximately $305,000. To provide more bargaining space, staff recommends a listing price of $339,000. •Cannery Village Realty and working relationship with the Avenue. This sale netted the the Realtor. Nevertheless Furthermore, this brokerage experience in the area. specifically Jim Jacobs have established an excellent City based on their handling of the sale of 4210 River City a maximum fee but paid only a small commission to he service from the agent was excellent throughout. is located nearby in West Newport and has excellent 40 Page 2 The listing agreement will exclude the current interested buyer thus eliminating any commission to Cannery Village Realty. The market for commercial properties is very low, and if suitable bids are not received it may be advisable for the City to consider leasing this property. Accordingly, the proposed action includes entertaining proposals to lease the property. Preliminary indications are that the City could net nearly $23,000 a year from such a lease. RECOMMENDATION: Authorize the City Manager to execute a listing agreement for the sale price of $329,000 with a commission of 5% or for lease of the property for a price to be negotiated with a commission of 5% of the first five years rent. Kenneth J. elino KJD:mb is 0 MARINERS { (M} ESCROW CORPORATION Escrow No.: 10013DM Re: 6000 West Coast Hwy Newport Beach, CA 92660 is .AMENDMENT AND /OR SUPPLEMENT TO ESCROW INSTRUCTIONS TO: MARINERS ESCROW CORPORATION East Mezzanine, Four Corporate Plaza Newport Beach, California 92660 Post Office Box 3808 Newport Reach. California 92658 Phone OW 640 -5030 Fu (714) 721 -8151 Date: October 5, 1994 My previous instructions in the above numbered escrow are hereby amended and /or supplemented in the following particulars only: Escrow holder is authorized and instructed to release funds held in accordance with the amendment dated March 30, 1994 in the amount of $1,500.00 to the seller upon receipt of this amendment fully executed by all parties hereto. ALL OTHER TERMS AND CONDITIONS ARE TO REMAIN THE SAME. END OF AMENDMENT. EACH OF THE UNDERSIGNED STATES THAT HE HAS READ THE FOREGOING INSTRUCTIONS AND UNDERSTANDS THEM AND DOES HEREBY ACKNOWLEDGE RECEIPT OF A COPY OF THESE INSTRUCTIONS. Tom B. Miller C The City of `I ewport Beach Charles Baur Edward Baur Please detach and retain this stalemen! for your records. The allached Check for the %ems described below. Please r MARINERS ESCROW CORPORATW East Mezzanine • 4 Corporate Plaza Fscrow No.: 10013LM Fluids due you 04/04/94 Property: 6000 West Coast Hwy Newport Beach, CA 92660 Lot: 16 -17 Tract: River Section Seller: The City of Newport Beach Buyer: Tan B. Miller No. 73315 CA 92660 • (714) 640 -6040 $ 304,340.00 0 �ft ®1 MARINERS `w ESCROW CORPORATION The City of Newport Beach Att: Ken Delano 3300 Newport Boulevard Newport Beach, CA 92660 0 Date: April 4, 1994 Escrow No. 10013DM Property Address: 6000 West Coast Hwy Newport Beach, CA 92660 In connection with the above numbered escrow, we enclose herewith the following documents, which should be retained by you as part of your permanent record: Check, in the amount of $304,340.00; Escrow Closing Statement /RESPA (PLEASE RETAIN FOR YOUR TAX RECORDS); All recorded documents will be mailed direct to the proper parties by the County Recorder's office. It has been a pleasure serving you in this transaction; and if we can be of further assistance to you, please do not hesitate to call us. Very truly yours, in s Escrow Corporafi i Dana McNeill Escrow Officer EAST MEZZANINE • FOUR CORPORATE PLAZA DRIVE • NEWPORT BEACH. CALIFORNIA 92660 • (714) 640 -6040 • FAX 1714) 721 -8157 MARINERS ESCROW CORPORATION CLOSING STATEMENT SELLER The City of Newport Beach Closing Date: April 1, 1994 Escrow No. 10013DM Page 1 Property: 6000 West Coast Hwy, Newport Beach, CA 92660 DEBITS CREDITS Total Consideration 326,000.00 ADJUSTMENTS: Cash Outside of Escrow 5,000.00 DISBURSEMENTS: Ccm cession 13,000.00 TITLE CHARGES: Owners Title Policy Praniun 1,235.00 Sub- Escrow Fee 50.00 County Doc. Transfer Tax 358.60 ESCROW FEES: Escrow Fees 456.40 Prepare Grant Deed 60.00 FUNDS HELD: Funds held for Termite /Repairs 1,500.00 Check Herewith 304,340.00 Totals 326,000.00 326,000.00 SAVE FOR INODME TAX PURPOSES EAST MEZZANINE FOUR CORPORATE PLAZA DRIVE • NEWPORT BEACH, CALIFORNIA 92660 • (714) 6406040 • FAX (714) 721.8157 04i01r94 13:07 MARINEWSCROW - 1 714 540 4579 0 NO.854 903 COD MARINERS ESCROW CORPORATION NeEmw WOR SUPPLEHM TO Wew IngnpMW Escrow No.: 10013rM R -97% Re: 6000 West Coast Rwy Newport Beach, CA 92660 Date: March 22, 1994 My previous instruotions in the above numbered escrow are hereby mmided and/or supple rated in the following particulars only: Buyer's Vesting is amended to read as follows: Tom B. Miller, an =married man as to an ]-divided 1/3 interest and Charles Saur, a married man as his sole and separate property as to an undivided 1/3 interest and Edward Baur, a married man as his sole and separate property as to an undivided 1/3 interest, all as Tenants in Cwrm. �,y1L!Ll 11 Y ^♦ 1: I" U: }" L l ( ±I .'Y ?. -11 1 -1' : -I Y. I 'L "i:-IJi• - '.I' ♦ q 111'.x' : Y' 11 •: ' :I:. ' I M'.i: I ?" 7: V'1 � au !'.' -IJM: •. •� - •" 'c•n' ' I" _ Tan B. Miller Rlward Baur 4EASTS�=&-U� �a �g gy CWipDRATE'"pL7GZA DRIVE EWPOR BBEACH. CAL5NIA 92 l6 rg14) 6406040 • FAX (714) 721 -8157 721 81.57 04 -01 -94 01:02PM P003 #32 04/01/94 13:06 MRRINI*ESCRDW a 1 714 540 4579 MARINERS ESCROW CORPORATION IN0a"T AND /OR SURPLEMENT TO ESCROYV INSTRUCTIONS Escrow No.: 100130M Re: 6000 West Coast Hwy Newport Beach, CA 92660 TO: MARINERS ESCRUW OORPORATICN 10 NO. 854 902 Buty niae.Fa caporoFim Newpot 9WI4 Celithm» 92660 Pm 01rim am 5848 Newport 9a w*, CwK&m1a 92858 Phu (714) 640-6060 Fax (714) 721.9157 Date; March 30, 1994 My previous instructions in the above rLmbered escrow are hereby amended enVor supplemwted in the following particulars only: Seiler hereby authorizes Mariners Escrow corporation, the secrowholder, to withhold the sum of $1,500.00 from seller's proceeds as of the date of close of escrow, representing funds held for completion of termite repair. Escrowholder Is authorized and instructed to hold the funds in escrow pending oompletion of termite repair. Seller to authorize payment of said termite bill upon caripletion of all work. Escrowholder is authorized and instructed to disburse the remaining balance to the seller. All other terms and conditions remain the same and unchanged. End of Instructions EACH OF THE UNDERSIG*D STATES THAT HE HAS READ THE FOFMIN13 INS RUCTIONS AND UNMSTAhDS THEM AND DOES HEREBY ACKNOWLEIXE RECEIPT OF A COPY OF IWSE INSTRUCTIONS. AjL Tam e. iller - The Cit?/ a Newport Beach R -97% Chrles Baur E Q B.ra..r 721 8157 04 -01 -94 01!02PM P002 #32 MARINERSEast Mezzaninm Four Corporate. Plaza ®� Newport Beach. California 92660 ESCROW CORPORATION Newport Beach, California 92658 Phone (714) 640 6040 Fax (714) 721 -8157 Dana McNeill 10013DM Escrow Officer Escrow Number February 24, 1994 Date Deposit received by seller outside of escrow $ 5,000.00 Balance cash down payment through escrow $ 321,000.00 Total Consideration $ 326,000.00 Buyer has handed seller outside of escrow an initial deposit of $5,000.00, the receipt of which is hereby acknowledged by seller and, prior to the close of escrow, buyer will deposit into escrow the balance of the cash down payment and any additional funds and instruments necessary to enable escrow holder to comply with these instructions, all of which escrow holder is instructed to use provided that on or before March 28, 1994 escrow holder holds a policy of title insurance with the usual title company's exceptions, with a liability of $326,000.00 covering: Lot 16 and 17 in Block 160 of River Section, as per map recorded in Book 4, Page(s) 25, of miscellaneous maps, in the office of the County Recorder of Orange County, California.. Property Address: 6000 West Coast Hwy, Newport Beach, CA 92660 (not verified) Showing Title Vested in: Tom B. Miller (Exact manner of vesting to be supplied in writing prior to close of escrow). Free from encumbrances except: (1) General and special county and city taxes, not delinquent, if any together with special district levies, if any, included and collected with tax bill. (2) Covenants, conditions, restrictions, reservations, rights, rights of way, easements and exceptions of minerals, oils, gas, water, carbons and hydrocarbons on or under said land, now of record, and in deed to file, if any, affecting the use of said property. Escrow holder is instructed to deliver a copy of the title report issued through Chicago Title Insurance Company, to the buyer for his review as soon as practicable following the opening of this escrow. Seller shall furnish Buyer a current written report of an inspection by Newport Exterminating, a registered Structural Pest Control Company, of the main building and detached garage(s) or carport(s). The cost of the inspection report shall be paid one -half by seller and one -half by buyer. If requested by Buyer or Seller, the report shall separately identify each recommendation for corrective work as follows: "Section 1 ": Infestation or infection which is evident; "Section 2 ": Conditions that are present which are deemed likely to lead to infestation or infection. If no infestation or infection by wood destroying pests or organisms is found, the report shall include a written Certification as provided in Business and Professions Code Section 8519(a) that on the inspection date "no evidence of active infestation or infection was found." Work recommended to correct conditions described in "Section 1" shall be paid one -half by seller and one -half by buyer. Work recommended to correct conditions described in "Section 2 ", if requested by Buyer, shall be paid one -half by buyer and one -half by seller. If inspection of inaccessible areas is recommended in the report, Buyer has the option Continued on Page 2 INITIALS: BUYER'S INITIALS 1 SELLER'S INITIALS 0 0 ADDITIONAL ESCROW CONDITIONS AND INSTRUCTIONS 1.Your duty to act as escrow holder does not commence until these instructions; signed by all parties, are received by you. Until such time either party may unilaterally cancel and upon written request delivered to you, the party may withdraw funds and documents he previously handed to you. 2.All funds received in this escrow shall be deposited with a State or National bank with other escrow funds. Make disbursements W your check; checks not presented for payment within six months after date are subject to service charges in accordance with your schedule in effect from time to time. Make all adjustments and proratings on the basis of a 30 day month. "Close of Escrow" is the day instruments are recorded. All documents and funds due the respective parties herein are to be mailed to the addresses set out below their respective signatures, unless otherwise instructed. Our signatures on any documents and instructions pertaining to the escrow indicateour unconditional approval of same. Whenever provision is made herein for the payment of any sum, the delivery of any instrument or the performance of any act "outside of escrow,' you as escrow holder shall have no responsibility therefor, shall not be concerned therewith and are specifically relieved of any obligation relative thereto. 3. You shall not be responsible or liable in any manner whatsoever for the sufficiency or correctness as to form, manner of execution or validity of any documents deposited in escrow, nor as to the identity, authority or rights of any person executing the same, either as to documents of record or those handled in this escrow. Your duties hereunder shall be limited to the safekeeping of such money and documents received by you as escrow holder, and for the disposition of the same in accordance with the written Instructions accepted by you in this escrow. You shall not be required to take any action in connection with the collection maturity or apparent outlaw of any obligations deposited in this escrow, unless otherwise Instructed. 4.Seller guarantees, and you shall be fully protected in assuming, that as to any insurance policy handed you each policy is in force, has not pbeeyn hypothecated, and that all necessary premiums therefor have Eybeen paid. You will transmit for Ogassignment ppany insurance policy handed you for use In ;ANY. ggYou are this escrow, but you shall not be responsible for placed onMnAotic that ATTEIM PT insurance nce'comOpppan RECEIPT sh should fail OF acceptance receive REQUEST ssiRgnmenGNME Issuing company me deny. co rage for any ASSIGNMENT OF THE POLICY BY THE OBLIGATION ISSUING ICON OF THE INSURED OR HIS REPRESENTATIVE TO VERIFY THE ACCEPTANCE S.Dellver assurance of title, and Insurance policies, if any, to holder of senior encumbrance or his order, or if there be no encumbrances, then to the buyer or his order. 8. If the conditions of this escrow have not been complied with prior to the expiration of time provided for herein, or any extension thereof, you are nevertheless to complete the escrow as soon as the conditions, except as to lime, have been compiled with unless written demand Shall have been made upon you not to complete it. Following receipt of such written demand not to complete the escrow, you are to promptly mail a copy of said demand to the other Party. 7, NO NOTICE, DEMAND OR CHANGE OF INSTRUCTIONS SHALL BE OF ANY EFFECT IN THIS ESCROW UNLESS GIVEN IN WRITING BY ALL PARTIES AFFECTED THEREBY. In the event conflicting demands or notices are made, or served upon you or any controversy arises between. the parties hereto or with third person growing out of or relating to this escrow, you shall have the absolute right to withhold and stop all further proceedings In, and performance of, this escrow, until you receive written notification satisfactory to you of the settlement of the controversy by agreement of the parties thereto, or by final judgment of a court of competent jurisdiction. All of the parties to this escrow hereby jointly and severally promise and agree to pay promptly on demand as well as to indemnity you and to hold you harmless from and against all litigation and loterPleader costs, damages, judgments, attorney's fees, expenses; obligations and liabilities of every kind which, In good faith, you may Incur or suffer In connection with or arising out of this escrow, whether said litigation, Interpleader; obligations, liabilities or expenses arise during the performance of this escrow, or subsequent thereto, directly or Indirectly. S. You are hereby authorized to deposit any funds or documents handed you under these escrow instructions, or cause the same to be deposited with any duly authorized sub-escrow agent, subject to your order at or prior to close of escrow, in the event such deposit shall be necessary or convenient for the consummation of this escrow. g. All parties agree that as far as your rights and liabilities are Involved, this transaction is an escrow and not any other legal relation and you are an escrow holder only on the within expressed terms, and you shall have no responsibility of notifying me or any of the Parties to this escrow of any sale; resale, loan, exchange, or other transaction involving any property herein described or of any Profit realized by any person, firm or corporation (broker, agent and parties to this andlor any other escrow included) in connection therewith, regardless of the fact that such transaction(s) may be handled by you in this escrow or in another escrow. 10. You are not to be concerned with the giving of any disclosures required by Federal or State law, specifically but not exclusively, RESPA (Real Estate Settlement Procedures Act), Regulation Z (Truth in Lending disclosures) or other warnings, or any warranties, express or implied. Neither are you to be concerned with the effect of zoning ordinances, land division regulations, or building restrictions which may pertain to or affect the land or Improvements that are the subject of this escrow. 11.The parties to this escrow have satisfied themselves outside of escrow that the transaction covered by this escrow is not in violation of the Subdivision Map Act or any other law regulating land divison, and you as escrow holder are relieved of all responsibility and/or liability in connection therewith and are not to be concerned with the enforcement of said laws. 12. In the event any Offer to Purchase, Deposit Receipt or any other form of Purchase Agreement is deposited in this escrow, it Is understood that such document shall be effective only as between the Parties signingg said document. You as escrow holder are not to be concerned with the terms of such document and are relieved of all responsibility andlor liability for the enforcement of such terms and your only duty being to comply with the instructions set out in this escrow. In connection with any loan transaction Involving an FHA, or VA loan, you are authorized to deliver a copy of any such document to FHA, VA or lender as the case may be. 13. Time Is of the essence of these. escrow Instructions. In the event of failure to pay fees or expenses due you hereunder, on demand, I agree to pay a reasonable fee for any attorney's services which may be required to collect such fees or expenses. 14. It a party to this escrow unilaterally assigns or orders the proceeds of this escrow to be Paid to other than the original Parties to this escrow, such assignment ororder shall be subordinated to the expenses of this escrow, liens of record on the subject Property and Payments directed to be made by original parties together. If the result of such assignment or order would be to leave the escrow without su ficlent funds to close, then you are directed to close nevertheless, and to pay such assignments or orders only out of the net Proceeds due except for such assignments or orders, and to pay them in the order in which such assignments or orders are received by you. You are to furnish a copy of these Instructions, amendments thereto, closing statements andlor any other documents deposited In this escrow to the lender or lenders andlor the real estate broker or brokers Involved in this transaction upon request of such lenders or brokers. In the event of an assignment or transfer of Interest by operation of law, with or without the approval or consent of any or all of the Parties hereto, you shall retain the right to deduct any all escrow costs, fees and expenses provided for herein from said assigned or transferred funds, Properties or rights, said assignment or transfer notwithstanding. 15.These instructions may be executed in counterparts, each of which shall be deemed an original regardless of the date of its execution and delivery. All such counterparts together shall constitute one and the same document. 16.The parties to these escrow Instructions authorize you to destroy these instructions and all other Instructions and records in this escrow at any time after five l5) years from the close of escrow. MARINERSEasl Mezzanin4 Four Corporale. Plaza Nmporl Beach, California 92660 Post Office BOX R2658 ESCROW CORPORATION Newpon Bea:.h, California 92658 Phone (714) 640.6040 Fax (714) 7218157 w1ra0 MARINERS ESCROW CORPORATION Dana McNeill 10013DM Escrow Officer Escrow Number February 24, 1994 Date Continued from Page 1 to accept and approve the report, or within 5 calendar days after receipt of the report to request in writing ft:.ther inspection be made. Buyer's failure to notify Seller and escrowholder in writing of such request shall conclusively be considered approval of the report. If further inspection recommends "Section 1" or "Section 2" corrective work, such work shall be at the expense of the respective party designated for each type. If no infestation or infection is found, the cost of inspection, entry and closing of the inaccessible areas shall be at the expense of the respective party. Inspections, corrective work and certification under this paragraph shall not include roof covering(s). Work shall be performed with good workmanship and materials of comparable quality and shall include repair of leaking shower stalls and pans, and replacement, of tiles and other materials removed for repair. It is understood that exact restoration of appearance of cosmetic items following all such work is not included. Work to be performed at Buyer's expense may be performed by Buyer or through others, provided that all required permits and final inspections are obtained, and upon completion of repairs a written Certification is issued by a registered Structural Pest Control Company showing that the inspected property "is now free of evidence of active infestation or infection ". Funds for work agreed to be performed after close of escrow shall be held in escrow and disbursed upon receipt of a written Certification as provided in Business and Professions Code Section 8519(b) that the inspected property "is now free of evidence of active infestation or infection ". Buyer and seller are aware that Mariners Escrow Corporation may incur certain expenses during the course of processing this escrow which must be paid prior to the close of escrow. Such costs may include, but are not limited to, courier fees, overnight mail service and City Building Reports, if applicable. Escrowholder is authorized and instructed to release fund for payment of such costs, prior to the close, of escrow, from funds deposited into escrow by buyer. At close of escrow, escrowholder is authorized to charge the appropriate party for costs incurred, and is released from any and all liability in connection with complying with this instruction. Escrowholder is authorized and instructed to make the following pro - rations as of the date of close of escrow: (1) General and special county and city taxes based on latest available tax bill. All conditions of this escrow will be deemed to be satisfied or waived by buyer upon buyer's 'deposit into escrow of sufficient funds to close this escrow, and buyer's deposit of said funds shall be deemed escrowholder's unconditional authorization to proceed with closing this escrow. THE FOLLCWING IS ENTERED AS A MEMORANDUM ONLY, AT THE REQUEST OF THE PARTIES, WITH WHICH ESCROWHOLDER IS NOT TO BE CONCERNED: Possession and occupancy of subject property shall be given to buyer upon the close of escrow at 5:00 PM. Buyer and seller will hand signed escrow instructions to Mariners Escrow Corporation within 3 days of the date of these instructions. In the event this escrow does not close as a result of the buyer's default, the buyer's release of $5,000.00 outside of escrow to the seller will be non - refundable to the buyer. Buyer is a licensed real estate broker acting as a principal herein and collecting a Continued on Page 3 INITIALS: BUYER'S INITIALS 2 SELLER'S INITIALS East Mezzanine; Four Corporate Plaza MARINERS Newport Beach, California 92660 P °" office s 9908 ESCROW CORPORATION Newport Beach, California 92657 Phone (714) 640 - 60011 Fax (714( 721.8157 MARINERS ESCROFi CORPORATION' Dana McNeill 10013DM Escrow Officer Escrow Number February 24, 1994 Date Continued from Page 2 cwmassion. All permanently installed fixtures and fittings that are attached to the property or for which special openings have been made are included, free of liens, in the purchase price, including electrical, light, plumbing and heating fixtures. solar systems, built -in appliances, screens, awnings, shutters, window coverings, attached floor coverings, TV antennas /satellite dishes and related equipment, air cooler or conditioner, pool and spa equipment, security systems and /or alarms (if owned by Seller), garage door openers and controls, attached fireplace equipment, mailbox and all existing landscaping including trees and shrubs. Buyer and Seller have initialed or will initial Section "B" (RE: "As is ") of Paragraph 10 of the Real Estate Purchase Contract dated 2 -22 -94 and are aware of the disclosures and representations set forth therein. Subject property is sold "as is ", in its present condition, without warranty. Seller shall not be responsible for making corrections or repairs of any nature. Buyer and Seller have initialed or will initial Paragraph(s) 29 RE': Arbitration of Disputes of the Real Estate Purchase Contract dated 2-22 -94 and agree to be bound by same. Compliance with any minimum mandatory government retrofit standards, including proof of compliance, shall be paid for by buyer. MARINERS ESCROW CORPORATION IS LICENSED BY THE STATE OF CALIFORNIA DEPARTMENT OF CORPORATIONS. Buyer is aware that the property will be reassessed upon change of ownership and that a supplemental tax bill will be received which may reflect an increase or decrease in property taxes based on property value. Tax bills received after close of escrow will be handled directly between buyer and seller. EACH PARTY SIGNING THESE INSTRUCTIONS HAS READ THE ADDITIONAL ESCROW CONDITIONS, GENERAL PROVISIONS AND INSTRUCTIONS ON THE REVERSE SIDE of PAGE ONE AND APPROVES, ACCEPTS AND AGREES TO BE BOUND THERMY AS THOUGH SAID CONDITIONS, PROVISIONS AND INSTRUCTIONS APPEARED OVER THEIR SIGNATURES. The foregoing terms, provisions, conditions and instructions are hereby approved and accepted in their entirety and concurred in. The undersigned hereby agrees to pay, on demand, charges for drawing, recording and notarizing documents, charges of title company, if any, charges of lending institution, if any, and the buyer's and /or borrower's customary escrow fees. necessary to complete this escrow, I HAVE RECEIVED A COPY OF THESE INSTRUCTIONS. Tan B. Miller SELLER'S ESCROW INSTRUCTIONS: All of the terms. conditions, demands and instructions contained herein, are hereby approved and accepted in their entirety by the Continued on Page 4 INITIALS: BUYER'S INITIALS 3 IER'S INITIALS MARINERS Fast Mezzanine, Four Corporate Plaza Newport Beach, California 926W Pou Beach. Office s 8808 ESCROW CORPORATION Newport Beach. California 92658 f0471- Phone (714) 640.6040 Fax (714) 721 -8157 Dana McNeill 1001304 Escrow Officer Escrow Number February 24, 1994 Date Continued from Page 3 undersigned who will hand you all instrumtents and /or funds necessary to enable you to comply therewith, including deed(s) to the herein described property, all of which you are authorized to use and /or deliver, pursuant to your obtaining in this escrow for the account of the undersigned party(ies) within the time limit as provided for, the monies, being the total consideration above plus or minus above pro- rations and adjustments, and instruments called for under these instructions. When property being conveyed is held in joint tenancy any cash derived therefrom in this escrow shall be joint tenancy funds. From said monies, together with any necessary funds I hand you., you shall deduct and pay your seller's escrow, drawing and recording fees, also for evidence of title called for above, documentary stamps as required on Deed to property I am conveying; and you are authorized to pay off any bonds, assessments and /or taxes, also any encumbrances of record, plus accrued interest, charges and prepayment penalty if any, per written demand of beneficiary, to show title as called for above and /or necessary to comply with same. Instruct the title company to begin search of title at once. I HAVE RECEIVED A COPY OF THESE INSTRUCTIONS. The City of Newport Beach, a municipal corporation By INITIALS: BUYER'S INITIALS 4 S3 LLER'S INITIALS ®� MARINERS ESCROW CORPORATION Late: February 24, 1994 Escrow No. 10013EH INSTRUCTIO14S TO PAY CU44ISSIGN Property Address: 6000 West Coast Hwv Newport Beach, CA 92660 Upon close of escrow, from fw,ds received and /or held by you on my behalf you are instructed to pay Lhe total cuiinussion of $13,000.00 due. You are to disburse said carriussiuil as set forth below, wiless subsequently instructed by said broker(s) as to a different division of said camdssion. Cannery Village Realty, a licensed real estate broker, the sum of $ 6,500.00 Property House RealLors, a licensed real estate broker, the sum of $ 6,500.00 ASSIC>TA'MT OF REAL ESTATE BROKER'S COMISSION: Seller hereby irrevocably directs escrowholder to pay ccmTdssion as set forth herein in cash from proceeds due seller imTediately upon the close of escrow. No change or modification in this instruction shall be of any effect unless it is signed both by the seller and by each of the undersigned brokers. The Cit of New urt Beach, a muliicival corpuratiun i •5• R" Cannery Village Really Licensed Real Estate Broker By: Address: 2025 West Balboa Blvd. Newport Beach, CA 92663 Property House Realtors Licensed Real Estate Broker By :_ Address 6308 West Coast Highway Newport Beach, CA 92663 EAST MEZZANINE • FOUR CORPORATE PLAZA DRIVE • NEWPORT BEACH. CALIFORNIA 92660 • (714) 6406040 • FAX (714) 7218157 MARINERS ESCROW CORPORATION Escrow Number 10013I14 * * * IMPORTANT NOTICE * * * 0 East Mezzanine, Four Corporate Plaza Newport Beach, California 92660 Post Office Box. 8808 Nmrzorl Beach. California 92658 Phone (714) 640 -6000 Fax (714) 721,8157 Date: March 2, 1994 To avoid any delays at close of escrow, please be advised of the following: 1. CLOSING FUNDS: Escrow will contact Buyer regarding the balance of funds needed, representing balance of down payment and closing costs. Buyer may deposit these funds in the form of a cashier's check or wire transfer. WIRE TRANSFER INSTRUCTIONS: First Interstate Bank, Los Angeles, CA Account No. 270 -3 -17970 Branch Newport Center Escrow No. 10013DN Fed Routing No. 122000218 Account of Mariners Escrow Corporation CASHIER'S CHECK: payable to MARINERS ESCROW CORPORATION All other forms of funds such as drafts, escrow checks, association checks, bank /teller checks, money market checks and non- local checks must be deposited in escrow in time to clear the account on which drawn, which may take up to SEVEN WORKING DAYS FROM DATE OF DEPOSIT. 2. NOTARY: If there are any documents requiring a Notary Public acknowledgement /jurat at any time during this escrow, parties will be required to have VALID IDENTIFICATION. Acceptable identification is limited to a driver's license, military I.D., passport or State I.D. with photo. Name on I.D. must match name as shown on the document(s) to be notarized.' 3. Non- English Speaking Buyer: Any buyer who is unable to read, write and speak the English language will be required to have a translator accompany him/her when signing loan documents at escrow. The translator must be of legal age and have the same form of identification as used by a Notary Public for identification. RECEIPT OF A COPY OF THIS NOTICE IS HEREBY Tom B. Miller The Ci ewpor B h, a municipal corporation BY!' BY THE UNDERSIGNED. le MARINERS 10• ESCROW CORPORATION MUNTMENT AND /OR SUPPLEMENT TO ESCROW INSTRUCTIONS Escrow No.: 10013DM Re: 6000 West Coast Hwy Newport Beach, CA 92660 TO: MARINERS ESCROW CORPORATION East Mezzanine, Four Corporate Plaza Newport Beach, California 92460 Post Office Box 8808 Newport Beach, California 92658 Phonc (7141.&40 -6040 Fax (7141 721 -8157 Date: March 2, 1994 My previous instructions in the above numbered escrow are hereby amended and /or supplemented in the following particulars only: The undersigned Seller and Buyer agree that they are aware that pursuant to California Revenue and Taxation Code Sections 18805 and 26131, on sales of real property, that if all of the following conditions are present: 1. Seller has a last known address outside of California; 2. The sales price exceeds the sum of $100,000.00; 3. The Seller has failed to provide escrowholder with a signed affidavit (Form 590) stating that the property being sold is the principal residence of the transferor, within the meaning of Section 1034 of the Internal Revenue Code then the escrowholder is to withhold from proceeds due seller a sum equal to 3 -1/3$ of the total sale price of this real property, which shall be forwarded to the California Franchise Tax Board, unless the Seller obtains a clearance from the Franchise Tax Board within 45 days. In the event a withhold is required as set forth above, the following fors are to be completed and filed: Seller shall complete and file with the California Franchise Tax Board, Franchise Tax Form 597A. Buyer shall complete and file with the California Franchise Tax Board, Franchise Tax Form 597. EACH OF THE UNDERSIGNED STATES THAT HE HAS READ THE FOREGOING INSTRUCTIONS AND UNDERSTANDS THEM AND DOES HEREBY ACKNOIIAMM RECBIPT OF A COPY OF THESE INSTRUCTIONS. Ton B. Miller The C ;ewpo ch, a municipal corporation HK I '. drder'N6. Escrow No. 10013N t Loan No. WHEN RECORDED MAIL TO: Tan B. Miller SPACE ABOVE THIS LINE FOR RECORDER'S USE MAIL TAX STATEMENTS TO: DOCUMENTARY TRANSFER. TAX $......... 3,, 58... 60...... ...... ... ....... ............ Same as above g...... Computed on the consideration or value of property conveyed: OR ...... Computed on the consideration or value less liens or encumbrances remaining at time of sale. AM = iiPEWT NFn (RANTr)R Signature of eclaranl or Agent determining tax —Firm Name GRANT DEED FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, The City of Newport Beach, a municipal corporation hereby GRANT(S) to Torn B. Miller the real property in the City of Newpor L Beach County of Orange State of California, described as Lot 16 -17, Block 160 of Tract River Section, as per msp recorded in Book 4, Page(s) 25, of miscellaneous maps, in the office of the County Recorder of said County. Dated ruli 2, 1994 } STATE OF CALIFORNIA )ss. COUNTY OF } On personally appeared before me, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is /are subscribed lathe within instrument and acknowledged to me that he /she /they executed the same in his /hentheir authorized capacity(ies). and that by his /her /their signa- ture(s) on the instrument the person(s) or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. The City of Newport Beach„ a municipal corporation BY: Signature (This area for official notarial seal) CITY OF NEWPORT BEACH i February 18, 1994 Mr. Tom Miller Property House Realtors 6308 W. Coast Hwy Newport Beach, CA 92663 Ms. Ninfa O'Brien O'Brien Company 6310 W. Coast Hwy Newport Beach, CA 92663 And All Interested Parties SUBJECT: 6000 W. COAST HWY (714) 644 -3002 The City Council has received two offers for the purchase of the subject property. The most advantageous of which contains the following provisions: PRICE: $325,000 COMMISSION @ 4 %: $ 13,000 NET TO SELLER (exclusive of costs and fees): $312,000 FINANCING: All Cash ESCROW PERIOD: 30 Days CONTINGENCIES: None The City Council is prepared to accept this offer unless a higher bid is received. Accordingly, an auction will be conducted on Tuesday, February 22, 1994 at 10:00 a.m. in the City Council Chambers, 3300 Newport Boulevard. The auction will be conducted in the following manner: 1. All participants must present for inspection a Cashiers Check, cash or other irrevocable warrant in the amount of $5,000 payable to the City of Newport Beach. At the conclusion of the auction, such amount shall be presented as the earnest money deposit and shall be non - refundable should the sale not be concluded because of non performance by buyer. City Hall • 3300 Newport Boulevard • P.O. Box 1768 • Newport Beach, California 92659 -1768 • • -2- Terms shall be all cash, no financing contingencies and a 30 day escrow. The property is sold "as is." The City will provide a survey conducted by the Public Works Department. 3. The opening bid shall be $313,000 ($1,000 above the current offer of $312,000 net to seller exclusive of fees and costs) and each succeeding bid likewise shall be in increments of $1,000 above the previous bid. This technique will negate the effect of any variation in the amount of commission. Commissions may be added to the bid at the conclusion of the auction. 4. Immediately upon conclusion of the auction, the successful bidder shall enter a real estate purchase contract with the City. City staff is authorized to conclude the sale without approval of the City Council. For additional information please contact the undersigned. si cerely, L,�L - , J�, Kenneth J. Deli Assistant City Manager KJD:kf REAL E PURCHASE CONT EIPT FOR DEPOSIT THIS IS MORE THA FOR MONEY. IT IS INTENDED _ DING CONTRACT. READ IT CAREFULLY. 13 '�.IFORNIA ASSOCIATION OF REAL STANDARD FORM _ AT ?- "> , 19 !YV- AT r LbT" _ ( -i7 - .�f)' California, RECEIVED FROM T ^rte s" y ,.1., -1 T ( Buyer') THE SUM OF -<7�1`1n6 as a deposit to be applied toward. the PURCHASE PRICE OF I _ -' Ll!,! V -Dollars $ FOR PURCHASE OF PROPERTY IN SITUATED 'I_ t '' ,COUNTY OF 069-1 California, DESCRIBEDAS r;�� w i'?yrT- ; AJ (..Property "). 1. FINANCING: THE OBTAINING OF THE LOAN(S) BELOW IS A CONTINGENCY OF THIS AGREEMENT. Buyer shall act diligently and in good faith to obtain all applicable financing. A. FINANCING CONTINGENCY shall remain in effect until (Check ONLY ONE of the following): 1. ❑ (it checked). The designated loan(s) is/are funded andlur the assumption of existing financing is approved by Lender. OR2. ❑ (If checked). calendar days after acceptance of the often Buyer shall remove the financing contingency in writing within this time. If Buyer fails to do so, then Seller may cancel this agreement by giving written notice of cancellation to Buyer. B. OBTAINING OF DEPOSIT AND DOWN PAYMENT by the Buyer is NOT a contingency, unless otherwise agreed in writing. C. DEPOSIT to be deposited El with Escrow Holder, El into Broker's trust account, or ❑- / A L C t T'J n 2F& .R $ BY ❑ Personal check, El cashier's check, Ek6- 6fi;'orD ❑ _ PAYABLE TO ='_r - - �.�+ `fS Fjl TO BE HELD UNCASHED UNTIL the next busine day after acceptance of the offer or ❑ D. INCREASED DEPOSIT, within calendar days after acceptance of the offer, to be deposited ❑ with Escrow Holder, ❑ into Broker's trust account, or ❑ .. . . . . ..................... . E. BALANCE OF DOWN PAYMENT to be deposited with Escrow Holder on demand of EscrowHolder ................. _........ . F. FIRST LOAN IN THE AMOUNT OF ......... ............................... _ ......... ................_ .......... . ❑ NEW First Deed of Trust in favor of ❑ LENDER, ❑ SELLER; or ❑ ASSUMPTION of existing First Deed of Trust;. or ❑ encumbering. the Property, securing a note payable at approximately $ per month (❑ or more), to include ❑ principal and interest, ❑ interest only, at maximum interest of_% ❑fixed rate; ❑ initial adjustable rate, with a maximum lifetime interest rate increase of % over the initial rate, balance due in years. Buyer shall pay loan fees/points not to exceed b= G. SECOND LOAN IN THE AMOUNT OF ........................................... ............................... $ F?_ ❑ NEW Second Deed of Trust in favor of ❑ LENDER, ❑ SELLER; or ❑ ASSUMPTION of Existing Second Deed of Trust; or ❑ , encumbering the Property, securing a note payable of approximately $ per month (❑ or more), to include ❑ principal and interest, ❑ interest only, at maximum interest of _% ❑fixed rate, ❑ initial adjustable rate, with a maximum lifetime interest rate increase of _% over the initial rate, balance due in years. Buyer shall pay loan fees/points not to exceed H. TOTAL. PURCHASE PRICE, not including costs of obtaining loans and other closing costs .. ............................... $ " 1;26,0 I. LOAN APPLICATIONS: Buyer shall, within the time specified in paragraph 26B(1), .submit to lender(s)(orto Seller for applicable Seller financing), acompleted loan or assumption application(s), and provide to Sellerwritten acknowledgment of Buyer's compliance. For Seller financing: (1) Buyer shall submit a completed loan application on FNMA Form 1003; (2) Buyer authorizes Seller and/or Broker(s) to obtain, at Buyer's expense, a copy of Buyer's credit report; and (3) Seller may caficel this purchase and sale agreement upon disapproval of either the application or the credit . report, by providing to Buyer written notice within 7 (or ❑ _) calendar days after receipt of those documents. .L EXISTING LOANS: Forexisting loansto betaken over by Buyer, Sellershan promptly request and upon receipt provide to Buyercopies of all applicable notes and deeds of trust, loan balances, and current interest rates. Buyer may give Sellerwritten notice of disapproval within the time specified in paragraph 26B(5). Differences between estimated and actual loan balances) shall be adjusted at close of escrow by: ❑ Cash downpayment, or ❑ Impound account(s), if any, shall be: ❑ Charged to Buyer and credited to Seller,. or ❑ K. LOAN FEATURES: LOANS/DOCUMENTS CONTAIN A NUMBER OF IMPORTANT FEATURES AFFECTING THE RIGHTS OF THE BORROWERAND LENDER. READ ALL LOAN DOCUMENTS CAREFULLY. L. ADDITIONAL SELLER FINANCING TERMS: The following terms apply ONLY to financing extended by Seller under this agreement. The rate specified as the maximum interest rate in F or G. above, as applicable, shall be the actual fixed interest rate for seller financing. Any promissory note and/or deed of trust given by Buyer to Seller shall contain, but not be limited to, the following additional terms: 1. REQUEST FOR NOTICE OF DEFAULT on senior loans. 2. Buyer shall execute and pay for &REQUEST FOR NOTICE OF DELINQUENCY in escrow and at any future time if requested by Seller. 3. Acceleration clause making the loan: due,. when permitted by law, at Seller's option, upon the sale or transfer of the Property or any interest In it. 4. A late charge of 6.0% of the installment due, or $5.00, whichever is greater, if the installment is not received within 10 days of the date it is due. 5. Title insurance coverage in the form of a joint protection policy shall be provided insuring Seller's deed of trust interest in the Property. 6. Tax Service shall be obtained and paid for by Buyer to notify Seller if property taxes have not been paid. 7. Buyer shall provide fire and extended coverage insurance during the period of the seller financing, in an amount sufficient to replace all improvements on the Property, or the total encumbrances against the Property, whichever is less, with a loss payable endorsement in favor of Seller. 6. The addition, deletion, or substitution . of any person or entity under this agreement, or to title prior to close of escrow, shall require Seller's written consent. Seller may grant or withhold consent in Seller's sole discretion. Any additional or substituted person or entity shall, if requested by Seller, submit to Seller the same documentation as required forthe original named Buyer. Seller and/or Broker(s) may obtain acredit report on any such person or entity. 9. If the Property contains 1 to 4 dwelling units, Buyer and Seller shall execute a Seller financing Disclosure Statement (CAR FORM SFD44) (Civil Code § §2956-2967), if applicable, as providef by arranger of credit, as soon as practicable prior to execution of security documents. M.ADDITIONAL FINANCING TERMS: L /_r 5._I "AI/ -- /T1 Y,15" r', f : -T ?7 ml IA v i ;_- , Buyer and Seller acknowledge receipt of copy of this page, which consD t s go 1 of _( Pages. Buyer's Initials `` I-) Seller's Initials ( ) I-) THIS STANDARDIZED[ 4ENTFORU EIN SIMPLE TRANSACTIONS BEEN APP EDBYTHE CALIFORNIA ASSOCIATION OF REALTORS- IN FORM ONLY. NO REPRESENTATION IS MADE AS TO THE APPROVAL OF THE FORM OF ANY SUPPLEMENTS NCT CURRENTLY PUBLISHED BY THE CALIFORNIA ASSOCIATION OF REALTORS- OR THE LEGAL VALIDITY OR ADEQUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION, IT SHOULD NOT BE USED IN COMPLEX TRANSACTIONS OR WITH EXTENSIVE RIDERS OR ADDITIONS. A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL IF YOU DES FIELEGGALOR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. The copyright laws of the United Steles (17 U.S Code) forbid Iha unauthorized reproduction of this to. by any means including facsimile or wroPmeriLed rermas. OFFICE USE ONLY (w' Copyright® tees CALIFORNIA ASSOCIATION OF REALTORS- FA�Iewod b Broker Or Desi V525 $& n Virgil Avenue, t.oe Ang ales, California 90020 Y 9nea REwSED fi93 REAL-ESTATE PURCHASE CONTRACT AND RECEIPT FOR eFl11021 M1 c_1A Perm: I risen. i - i <u Address: - - =7r fie°- 19 ACHED SUPPLEMENTS: The followio ACHED supplemehts arc incorporated in this agre t: ,❑ ❑ 3. ESCROW: Escrow instructions shall be signed by Buyer and Seller and delivered to /ffi<9?IAJf -iLS Lr�C F_ L,1L , the designated Escrow.Holdlr; within calendardays after acceptance oftheoffer (or ❑. at least calendar days before close of escrow). Buyer and Seller hereby jointly iA aajlMrow Holder and Broker(s) that Buyers deposit(s) placed into escrow or into Broker's trust account will be held as a good faith deposit toward the cc mplet onof this transaction. Release of Buyer's funds will require mutual, signed release instructions from both Buyer and Seller] udicial decision, or arbitration award. Escrow,shall close ❑ on , 19 —, or ithin calendar days after acceptance of the otter. Escrow fee to be paid asfollows :E4C 4 P.-- �filf�{.jA.1-- L� -(tt/ 4. OCCUPANCY: Buyer ❑ does, ❑does.not intend to occupy Property as Buyer's primary residence. 5. POSSESSION AND KEYS: Seller shall deliver possession and occupancy of the Property to Buyer 9 - on the date of recordation of the deed at 6_7 O 0 Allill ❑ no later than _ calendar days after date of recordation at AM /PM, or ❑ Property shall be vacant unless otherwise agreed in writing. If applicable,. Seller and Buyer shall execute Interim Occupancy Agreement (CAR FORM IOA -14) or Residential Lease Agreement After Sale (CAR FORM RLAS -11). Seller shall provide keys and/or means to operate all Property locks mailboxes, security systems, alarms, garage door openers, and Homeowners' Association facilities. & TITLE AND VESTING: Buyer shall be provided a current preliminary (title)report at-:50-1,J 62L5m- expense. Buyer shall, within thetime specified in perpgieph 268(5), provide written notice to Seller of any items reasonably disapproved. (A preliminary report is only an offer by the title insurer to issues policy of title insurance and may not contain every item affecting title.) At close of escrow: (a) Title shall be transferred by grant deed; (b) title shall be free of liens, except as provided in this agreement; (c): title shall be free of other encumbrances, :easements restrictions, rights, and conditions of record or known to Seller, except for: (1) all matters shown in the preliminary (title) report which are not disapproved in writing by Buyer as above; and (2) ; (d) Buyer shall receive a California Land Title Association (CLTA) poficylssued by ���t id1 <� T� Jr- Company, at c_1C_1 ( kj%2y5 expense. (An ALTA -R policy may provide: greater protection for Buyer and maybe available at the same or slightly higher cost than a CLTA policy. The designated title company can provide information, at Buyer's request, about availability and desirability of other types of title insurance.) For Sellerfinancing, paragraph 1 L(5) provides for a joint protection policy. Title shall vest as designated in Buyer's escrow instructions. (THE MANNER OF TAKING TITLE MAY HAVE SIGNIFICANT LEGAL AND TAX CONSEQUENCES; THEREFORE, BUYER SHOULD GIVE THIS MATTER SERIOUS CONSIDERATION.) 7. PRORATIONS: A. Real property taxes and assessments, interest, rents, Homeowners' Association regular dues and regular assessments, premiums on insurance assumed by Buyer, payments on bonds and assessments assumed by Buyer, and r, .� -shall be paid current and. prorated between Buyer and Seller, unless otherwise shown in paragraph 7B or 7C, as oft, tu-aate of recordation of the deed. or ❑ B. Mello -Roos and other Special Assessment District bonds and assessments which are now a lien shall be: ❑ paid current by Seller as of the date shown in paragraph 7A (payments that are not yet due shall be assumed by Buyer without credit toward the purchase price); or ❑ C. Homeowners' Association special assessments, which are now a lien, shall be: ❑ paid current by Seller as of the date shown in paragraph 7A (payments that are not yet due shall be assumed by Buyer without credit toward the purchase price); or ❑ D. County transfer tax or transfer fee shall be paid by 5 6 L1_57L . City transfer tax or transfer fee shall be paid by .Homeowners' Association transfer fee shall be paid by - r r 4;aC E. THE PROPERTY WILL BE REASSESSED UPON CHANGE OF OWNERSHIP. THIS WILL AFFECT THE TAXES TO BE PAID. Any supplemental tax bills shall be paid as follows: (1) for periods after close of escrow, by Buyer (or by final acquiring party, if part of an exchange), and (2) for periods prior to close of escrow, by Seller. TAX BILLS ISSUED AFTER CLOSE OF ESCROW SHALL BE HANDLED DIRECTLY BETWEEN BUYER AND SELLER. & CONDOMINIUM /P.D.: if thePreperty is in a condominium /planned development: (a) Property has assigned parking space(s); (b) the current regular Homeowners' Association. dueslassessments are $ ❑ monthly, or ❑ , (c) Seller sSlall promptly disclose in writing to Buyer any known. pending special assessments, claims; or litigation; and (d) Seller shall promptly request, and, upon receipt, provide to Buyer copies of covenants, conditions, and restrictions; articles of incorporation; by -laws; other governing documents; most current financial statement distributed (Civil Code §1365); statement regarding limited enforceability of age restrictions, if applicable; current Homeowners' Association statement showing any unpaid assessments (Civil Code §1368); any otherdocuments required bylaw; most recent six months Homeowners' Association minutes, if available; and . Buyer shall, within the time specified in paragraph 26B(5), provide written notice to Sellerof any items disapproved. READ PARAGRAPH 7 FOR PRORATIONS AND TRANSFER FEES. 9. BUYER'S INVESTIGATION OF PROPERTY CONDITION: Buyer shall have the right to conduct inspections, investigations, tests, surveys, and other studies ( "Inspections ") at Buyer's expense. Buyer shall, within the times specified in paragraphs 26B(2) and (3), complete these Inspections and shall notify Seller in writing of any Item(s)disapproved. Buyeris strongly advised toexercisethls right andto make Buyer's own selection of professionals with appropriate qualifications to conduct Inspections of the entire Property. If Buyer does not exercise this right to conduct Inspections, Buyer is ac5ngg aggainst the advice of Broker(s . In any event, Buver is relying upon Inspections made or obtained by Buyer. BUYER AND SELLER ARE AWARE THAT THE BROKERS) 00(ES) NOT GUARANTEE, I IN NO IS TO OR WITHIN Seller shall make the Property available for all Inspections. Buyer shall keep the Property free and clear of liens; shall indemnify and hold Seller harmless from all liability, claims, demands, damages; and costs; and shall repair all damages arising from the Inspections. No Inspections may be made by any building or zoning inspector or government employee without the prior written consent of Seller. Buyer shall provide to Seller, at no cost, upon request of Seller, complete copies of all Inspection reports obtained by Buyer concerning the Property. BUYER IS STRONGLY ADVISED TO INVESTIGATE THE CONDITION AND SUITABILITY OFALL ASPECTS OF TH E PROPERTY AND ALL MATTERS AFFECTING THE VALUE OR DESIRABILITY OF THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, THE FOLLOWING: A. Built -in appliances, structural, foundation, roof, plumbing, heating, air conditioning, electrical, mechanical, security, pool /spasystems and components, and any personal property included in the sale. B. Square footage, room dimensions, lot size, and age of Property improvements. (Any numerical statements regarding these items are APPROXIMATIONS ONLY and should not be relied upon.) C. Property lines and boundaries. (Fences, hedges, walls, and other natural or constructed barriers or markers donotnecessarilyidentifytrue Property boundaries. Property lines may be verified by survey.) D,- Sewer, septic, and well systems and components. (Property may not be connected to sewer, and applicable fees may not have been paid. Septic tank may need to be pumped and leach field may need to be inspected.) E. Limitations, restrictions, and requirements regarding Property use, future development, zoning, building, size, governmental permits, and inspections. P.:.Vhterand utility availability and use restrictions. G. Potential environmental hazards including asbestos, formaldehyde, radon gas, lead -based paint, other lead contamination, fuel or chemical storage tanks, dentaminated soil or water, hazardous waste, electromagnetic fields, nuclear sources, and other substances, materials, products, or conditions. H. Geologic/seismic conditions, soil and terrain stability; suitability, and drainage. I. Neighborhood or Property conditions including schools, proximity and adequacy of law enforcement, proximity to commercial, industrial, or agricultural activities, crime statistics, fire protection, other governmental services, existing and proposed transportation, construction and development, airport noise, noise or odor from any source, other nuisances, hazards, or circumstances, and any conditions or influences of significance to certain cultures and/or religions. J. Buyer is advised to make further inquiries and to consult government agencies, lenders, insurance agents, architects, and other appropriate persons and entities concerning the use of the Property under applicable building, zoning, fire; health, and safety codes, and for evaluation of potential hazards. K. Other: Buyer and Seller acknowledge receipt of copy of this page, which constill4tep e2 of 10 Pages. OFFICE USE ONLY Buyer's Initials C ) ( ) Seller's Initials ( ) ( 1 Reviewed by Broker or Designee r. Date IISGaEPie SELLER'S COPY REAL ESTATE PURCHASE. CONTRACT AW RIECEIPT FOR DEPOSIT W-11A,PAtW2,0F_II..' -, _ . Propady"Address: � � ;- % 'I ie CY ��lyeNre D InIl / / //llss 19 T1,0 (Initial ON A al oth sallaf'a Inlllels �, / r f' SELLER WARRANT*jIf A is initialled, DO NOT initial B.) Sellerwanants that on the date possession is made available to Blryer.( I)[ll shall be free of KNOW aks;(2) built -in appliances (including free-standing oven and range, if included in sale), plumbing, heating, air conditioning, electrical, water, sewedsePllc,and pool/spa systems, if any, shall be operative; (3) plumbing systems, shower pan(s), and shower enclosure(s) shall be free of leaks; (4) all broken or cracked glass shall be replaced; (5) Property, including p0011spa, landscaping, and grounds, shall be maintained in substantially the same condition anon tbe-da a of acceptance of the offer; (6) all debris and all personal property not included in the sale shall be removed; (7) NOTE TO BUYER'. This warranty is limited to items specified in this paragraph A.'Rems discovered in Buyer's Inspections which are not covered by this paragraph shall be governed by the procedure in paragraphs :9 and 26. NOTE TO SELLER: Disclosures in the Real Estate Transfer Disclosure Statement (CAR FORM TDS -14), and items discovered in Bltper's Inspections, do NOT eliminate Seller's obligations under this warranty unless: specifically agreed in writing. . OR Buy.es Into ft SOMA 41111W LIT B. 'AS -IS" CONDITION: (If B is Initialled, DO NOT initial A.) Property is sold "AS -IS;' in its present condition, without warranty. Seller shall n responsib making corrections or repairs of any nature except: (1) Structural pest control repairs, if applicable under paragraph 19, and (2) Buyer retains the right to disapprove the condition of the Property based upon items discovered in Buyer's Inspections under paragraph 9. SELLER REMAINS OBLIGATED TO DISCLOSE ADVERSE MATERIAL FACTS WHICH ARE KNOWN TO SELLER AND TO MAKE OTHER DISCLOSURES REQUIRED BY LAW. 11. TRANSFER DISCLOSURE STATEMENT: Unless exempt, a Real Estate Transfer Disclosure Statement ( "TDS ") (CAR FORM TDS -14) shall be completed by Seller and delivered to Buyer (Civil Code §§1102 - 1102.15). Buyer shall sign and return a copy of the TOS to Seller or Seller's agent: (a) ❑ Buyer has received a TDS prior to execution of the offer, OR (b) LJ Buyer shall be provided a TDS within — calendar days after acceptance of the offer. lithe TDS is deliveredto Buyer after the offer is executed, Buyer shall have the right to terminate this agreement within three (3) days after delivery in person, or five (5) days after delivery by deposit in the mail by giving written notice oftermination to Seller orSeller's agent. DISCLOSURES IN THE TDS DO NOT ELIMINATE SELLER'S OBLIGATIONS, IF ANY, UNDER PARAGRAPH 10. 12. PROPERTY DISCLOSURES; When applicable to the Property and required bylaw, Seller shall provide to Buyer, at Seller's expense, the following disclosures and information. Buyer shall then, within the time specified in paragraph 26B(5) and (6), investigate the disclosures and information and provide written notice to Seller of any item disapproved pursuant to A-C and El(b) below. A. GEOLOGICISEISMIC HAZARD ZONES DISCLOSURE; If the Property is located in a Special Studies Zone (SSZ) (Public Resources Code § §2621 - 2625), Seismic Hazard Zone (SHZ) (Public Resources Code § §2690- 2699.6), or in a locally designated geological, seismic, or other hazard zone(s) or area(s) where disclosure is required by law, Seller shall, within the time specified in paragraph 26B(7), disclose in writing to Buyer this fact(s) and any other information required by law. (GEOLOGIC, SEISMIC AND FLOOD HAZARD DISCLOSURE (CAR FORM GFD -14) SHALL SATISFY THIS REQUIREMENT.) Construction or development of any structure may be restricted. Disclosure of SSZs. and SHZs is required only where the maps, or information contained in the maps, are "reasonably available" as defined in Public Resources Code § §2621.9(c)(1) and 2694(c)(1). B. SPECIAL FLOOD HAZARD AREAS: If the Property is located in a Special Flood Hazard Area designated by the Federal Emergency Management Agency (FEMA), Seller shall, within the time specified in paragraph 26B(7), disclose this fact in writing to Buyer. (GEOLOGIC, SEISMIC AND FLOOD HAZARD DISCLOSURE (CAR FORM GFD -14) SHALL SATISFY THIS REQUIREMENT) Government regulations may impose building restrictions and requirements which may substantially Impact and limit construction and remodeling . of improvements. Flood insurance may be required by lender. C. STATE FIRE RESPONSIBILITY AREAS: If the Propertyis located in a StateFire Responsibility Area, Sellershall, within thetime specified in paragraph26B (7), disclose this fact in writing to Buyer (Public Resources Code §4136). Disclosure may be made in the Real Estate Transfer Disclosure Statement (CAR FORM TDS -14). Government regulations may impose building restrictions and requirements which may substantially impact and limit construction and remodeling of improvements. Disclosure of these areas is required only if the Seller has actual knowledge that the Property is located in such an area or if maps of such areas have been provided to the county assessor's office. D. MELLO -ROOS: Seller shall make a good faith effort to obtain a disclosure notice from any local agencies which levy on the Property a special tax pursuant to the Mello -Roos Community Facilities Act, and shall deliver to Buyer any such notice made available by those agencies. E. EARTHQUAKE SAFETY: 1. PRE -1960 PROPERTIES: lithe Property was built priorto 1960, and contains ONE -TO -FOUR DWELLING UNITSof conventional light frame construction, Sellershall, unless exempt, within the time specified in paragraph 26B(7), provide to Buyer: (a) acopy of "The Homeowner's Guide to Earthquake Safety," and (b) written disclosure of known seismic deficiencies (Government Code §§8897-8897.5). 2. PRE -1975 PROPERTIES: If the Property was built priorto 1975, and contains RESIDENTIAL, COMMERCIAL, OR OTHER STRUCTURES constructed of masonry or precast concrete, with wood frame floors or roots, Seller shall, unless exempt, within the time specified in paragraph 26B(7), provide to Buyer a copy of "The Commercial Property Owner's Guide to Earthquake Safety" (Government Code § §8893 - 8893.5). 3. ALL PROPERTIES: If the booklets described in paragraphs El and E2 are not required, Buyer is advised that they are available and contain important information that may be useful for ALL TYPES OF PROPERTY (Civil Code §§2079.8 and 2079.9). F. SMOKE DETECTOR(S):State law requires that residences be equipped with operable smokedetector(s). Local ordinances may have additional requirements. Unless exempt, Seller shall, prior to close of escrow, provide to Buyer awritten statement of compliance and any other documents required, in accordance with applicable state and local law. (SMOKE DETECTOR STATEMENT OF COMPLIANCE (CAR FORM SDC- 11) SHALL SATISFY THE STATE PORTION OF THIS REQUIREMENT) Additional smoke detector(s), if required, shall be installed by Seller at Seller's expense prior to close of escrow. G. ENVIRONMENTAL HAZARDS BOOKLET: The booklet, "Environmental Hazards: Guidefor Homeowners and Buyers;'is published bytheCalifornia Department of Real Estate, and contains information that may be useful for ALL TYPES OF PROPERTY (Civil Code §2079.7). H. LEAD BASED PAINT: Buyers obtaining new FHA - insured financing on residential properties constructed priorto 1978 arerequiredto sign a lead paintdisclosure form. (NOTICE TO PURCHASERS OF HOUSING CONSTRUCTED BEFORE 1978 (CAR FORM LPD -14) SHALL SATISFY THIS REQUIREMENT:) I. OTHER: 13. GOVERNMENTAL COMPLIANCE: Seller shall promptly disclose to Buyer any improvements, additions, alterations, or repairs ( "Improvements ") made by Seller or known to Seller to have been made without required governmental permits, final inspections, and approvals. In addition, Seller represents that Seller has no knowledge of any notice of violations of City, County. State,. or Federal building, zoning, fire, or health laws. codes. statutes, ordinances, regulations, or rules filed or issued against the Property. If Seller receives notice or is made aware of any of the above violations prior to close of escrow, Seller shall immediately notify Buyer in writing. Buyer shall, within the time specified in paragraph 26B(5), provide written notice to Seller of any items disapproved. 14. RETROFIT: Compliance with any minimum manda ry government retrofit standards, including but not limited to energy and utility efficiency requirements and proof of compliance shall be paid for by Buyer, ❑ Seller. 15. FIXTURES: All existing fixtures andfittingsthat are attached tothe Property orforwhich special openings havebeen made are INCLUDED IN THE PURCHASE PRICE (unless excluded below) and are to be transferred free of liens. These include, but are not limited to, electrical, lighting, plumbing and heating fixtures, fireplace inserts, solar systems, built -in appliances, screens, awnings, shutters, window coverings, attached floor coverings, television antennasisatellite dishes and related equipment, privateintegrate l telephone systems, air coolerstconditioners, pool/spa equipment, water softeners (if owned by Seller), security systemshalarms (if owned by Seller), garage door openerslremote controls, attached fireplace equipment, mailbox, in- ground landscaping including trees/shrubs, and r��I ITEMS EXCLUDED: PERSONAL PROPE RTY: The following items of personal property, free of liens and without warranty of condition (unless provided in paragraph 10A)orfitness 'T PERSONAL use, are included: q� HOME,WARRANTY PLANS: Buyerand Seller are informed that home warranty plans are available. These plans may provide additional protection and benefit 11 to Buyer and Seller. Broker(s) do not endorse, approve, or recommend any particular company or program. Buyer and Seller elect (Check ONLY ONE): ❑ To purchase a home warranty plan with the following optional coverage , at a cost not to exceed S , to be paid by , and to be issued by Company, OR ❑ Buyer and Seller elect NOT to purchase a home warranty plan. SEPTIC SYSTEM: (If initialled by all parties.) Buyer'slnlllels seller's lnuaals ❑ Buyer, ❑ Seller shall pay to have septic system pumped and certified. Evidence of compliance shall be provided to the other party before close of escrow. ❑ Buyer, ❑ Seller to pay for sewer connection if required by local ordinance. OFFICE USE ONLY Buyer and Seller acknowledge receipt of copy of this page, which consti t Page 3 of . Pages. Reviewed by Broker or Designee Buyer's Initials (= 1..kt.�) ( ) Seller's Initials ) ( ) Date WNW t ELLER'S COPY REAL ESTATE PURCHASE CONT11A AND RECEIPT FOR DEPOSIT (DLF -14 PAGE 3 OF 61 Oe P pe` Address: (,, CX� LA-) PEST =TROL: (If Initialled bi Old =T c.� /A, ,�r>��nFaY +�crfCl�cFi /r ,4 OlnlUata SeHer's.InalMS low M l CosT o f . k' pA,�- Sp�A� SO jSU A. Sellershall, within thefkne specifiedin paragraph 26B(8), provide to Buyer a current written Wood Destroying Pests qnd Organisms Inspection Report. Report ;. shalfbe at the expense of .Buyer, � Seller, to be performed by N E 1 e) j>.l�� .- f-e ✓m �A A%� y�o �SO, a registered I: Pest Control Company, covering the main building and (If checked): 5' r f � hed garage(s) or carport(s); ❑ the following other structures on the Property: B. If requested by Buyer or Seller, the report shall separately identify each recommendation for corrective work as follows: I "Section 1 ": Infestation or infection which is evident. "Section 2 ": Conditions that are present which are deemed likely to lead to infestation or infection. C. If no infestation or infection by wood destroying pests or organisms is found, the report shall include a written Certification that on the inspection date no evidence of active infestation was found (Business and Professions Code §8519(a).) D. Work recommended to correct conditions described in "Section 1" shall be at the expense of ❑ Buyer, ❑ Seller- E. Work recommended to correct conditions described in "Section 2," if requested by Buyer, shall be at the expense of O'Buyer, ❑ Seller. F. Work to be performed at Seller's expense may be performed by Seller or through others, provided that:: (a) all required permits and final inspections are ` obtained, and (b) upon completion of repairs a written Certification is issued by a registered .Structural Pest Control Company showing that the Inspected property "is now tree of evidence of active infestation or infection." (Business and Professions. Code §8519(b).) G. If inspection of inaccessible areas is recommended in the report Buyer has the option to accept and approve the report, or request in writing within 5 (or ❑ calendar days of receipt of the report that further inspection be made. BUYER'S FAILURE TO NOTIFY SELLER IN WRITING OF SUCH REQUEST SHALL CONCLUSIVELY BE CONSIDERED APPROVAL OF THE REPORT. If further inspection recommends "Section 1" and/or "Section 2" corrective work, such work, and the Inspection, entry, and closing of theinaccessible areas, shall be at the expense of the respective party designated in paragraphs (A), (D) abdlor (E). If no infestation or infection is found, the inspection; entry, and closing of the inaccessible areas shall be at the expense of Buyer. �. H. Inspect ions, correctivework, and Certification underthis paragraph shall notinclude roofcoverings. Read paragraph 9A concerning inspection of roof coverings. ( I. Work shall be performed in a skillful mannerwith materials of comparable quality, and shall include repairof leaking showerstalls and pansand replacement I of tiles and other materials removed for repair. It is understood that exact restoration of appearance or cosmetic items following all such work is not included. J. Funds for work agreed in writing to be performed after close of escrow shall be held in escrow and disbursed upon receipt of a written Certification that the inspected property "is now free of evidence of active infestation or infection." (Business and Professions Code §8519(b).) gyp. SALE OF BUYER'S PROPERTY: (if initialled by all parties.) I \ Buyers Initials sellm'alnalala This agreement is contingent upon the close of escrow of Buyer's property described as situated in . Buyer's property is: ❑ Listed with Company, El In escrow No. with Company, scheduled to close escrow on ,19 —. A. (Check ONE:) L1 Seller shall have the right to continue tooffer the Property for sale; ❑ Seller shall NOT have the right to continue to offer the Property for sale (other than for back -up offers), ❑ Seller shall NOT have the right to continue to offer the Property for sale (other than for back -up offers) until _ calendar days after acceptance of the offer. B. If Seller has the right to continue to offer the Property for sale (other than for back-up offers) and Seller accepts another offer, Seller shall give Buyer written notice to (1) remove this contingency in writing and (2) comply with the following additional requirements If Buyer tails to complete those actions within hours or calendar days after receipt of such Notice from Seller; then this agreement and any escrow shall terminate and the deposit (less costs incurred) shall be returned to Buyer. C. If Seller does not give the Notice above and Buyer's property does not close escrow by the date specified in paragraph 3 for close of escrow of this Property; then either Seller or Buyer may cancel this agreement and any escrow by giving the other party written notice of cancellation, and the Buyer's deposit (less costs incurred) shall be returned to Buyer. CANCELLATION OF PRIOR SALE /BACK -UP OFFER: (if initialled by all parties.) Buyer's Initials Seller's Initials Buyer understands that Seller has entered into one or more contracts to sell the Property toadifferent buyer(s). The parties to any prior sale may mutually agree to modify or amend the terms of that sale(s). This agreement is contingent upon the written cancellation of the previous purchase and sale agreement(s) and any - related escrow(s). (Check ONLY ONE of the following.) ❑ CANCELLATION OF PRIOR SALE: If written cancellation of the previous agreement(s) is not received on or before .19 then either Buyer or Seller maycancel this agreement and any escrow by giving the other party tothis agreement written notice . of cancellation.. Buyer's deposit, less costs incurred, shall then be returned to Buyer.. ❑ BACK -UP OFFER: This is a back -up offer in back -up position No. . BUYER'S DEPOSIT CHECK SHALL BE HELD UNCASHED until a copy of the Written cancellations) signed by all parties to the prior sale(s) is provided to Buyer. Until Buyer receives a copy of such cancellation(s), Buyer may cancel this .agreement by providing written notice to Seller. Buyer's deposit shall then be returned to Buyer. AS RELATES TO A BACK -UP OFFER, TIME PERIODS IN THIS AGREEMENT WHICH ARE STATED ASA NUMBER OF DAYS SHALL BEGIN ON THE DATE SELLER GIVES TO BUYER WRITTEN NOTICE THAT ANY PRIOR CONTRACT(S) HAS BEEN CANCELLED. IF CLOSE OF ESCROW OR ANY OTHER EVENT IS SHOWN AS A:SPECIFIC DATE, THAT DATE SHALL NOT BE EXTENDED UNLESS BUYER AND SELLER SPECIFICALLY AGREE IN WRITING. 2�. COURT CONFIRMATION: (If initialled by all parties.) +\ Buyer's Initials seller's Initials This agreemeht is contingent upon court confirmation on or before , 19_. The court may allow open, competitive bidding, resulting in the Property being sold to the highest bidder. Buyer has been advised to be in court when the offer is considered for confirmation. Court confirmation may be required in a probate, conservatorship, guardianship, receivership, bankruptcy, or other proceeding. Buyer understands that the Property may continue to be marketed by Broker(s) and others, andthat Broker(s) andothers mayrepresent othercompetitive bidders priorto and atthe court confirmation. If court confirmation is not obtained by date shown above, Buyer may cancel this agreement by giving written notice of cancellation to Seller. 23. NOTICES: Notices given pursuant to this agreement shall, unless otherwise required by law, be deemed delivered to Buyer when personally received by Buyeror � L�� ,who is authorized to receive It for Buyer, or to Seller when personally received by Seller or � _ , who is authorized to receive it for Seller. Delivery may be in person, by mail, or facsimile. OL 24. TAX WIT DING: A. Under the Foreign Investment in Real Property Tax Act (FIRPTA), IRC §1445,. every Buyer must, unless an exemption applies, deduct and withhold 10% of the gross sales price from Seller's proceeds and send it to the Internal Revenue Service, if the Seller is a "foreign person" under that statute. B.' In addition, under California Revenue and Taxation Code § §18805 and 26131, every Buyer must, unless an exemption applies, deduct and withhold 3 -113% Of the gross sales price from Seller's proceeds and send it to the Franchise Tax Board if the Seller has a last known address: outside of California or if the Seller's proceeds will be paid to a financial: intermediary of the Seller. C. Penalties maybe imposed on a responsible partyfor non - compliance with the requirements ofthese statutes and related regulations. Seller and Buyer agree to execute and deliver any instrument; affidavit, statement, or instruction reasonably necessary to carry out these requirements, and to withholding of tax under those statutes if required. (SELLER'S AFFIDAVIT OF NON - FOREIGN STATUSAND /OR CALIFORNIA RESIDENCY (CAR FORM AS -14), OR BUYER'S AFFIDAVIT (CAR FORM AB -11), IF APPLICABLE; SHALL SATISFY THESE REQUIREMENTS.) 25. RISK OF LOSS: Exoept asotterwisepmvided in this agreement all risk of loss tothe Propenywhichoocurs aftertheofferis acceptedshall be borne by Selleruntil eitterthe title by insurance, Seller shall assign to Buyerall insurancepmceedsobveringthe loss If transterof titleand pcesessiondo nlotocour atthesametime, BUYERAND SELLERAHEADVISED TO SEEK ADVICE OF THEIR INSURANCE ADVISORS as to the insurance calsequentvesthereof. Buyer and Seller acknowledge receipt of copy of this page, which constitutes Page 4 o Pages. OFFICE USE ONLY Buyer's Initials Seller's Initials I-) ( ) Reviewed by Broker or Designee Date WAM SELLER'S COPY tla 1. ef 27. 28. 29. I y4_: �. IC ral 21 Q TIME FRAI[4 DISAPPROVAL /APPROVAL: a+���gir+Yf7(Inkls nituls BUYER'S DISAPPROVAL OF ITEMS OR REMO contingency, if para7r 1A(1) is checked). IF BUYER FAILS TO REMOVE OR WAIVE ALL SPECIFIED IN THIS A EEMENT, THEN SELLER MAY CANCEL THIS AGREEMENT BY B. TJME FRAMES: Buyer and Seller agree to be bound by the following time periods: md), THEN BUYER SHALLCONCLUSIVELY BE DEEMED TO HAVE AND TO HAVE MADE AN ELECTION TO PROCEED WITH THE AGREED TO CORRECT. OR SHALL NOT APPLY. NOTICE BUYER has the following number of calendar days to take the action SELLER has the following number of calendar days to PROVIDE to specified, BEGINNING ON THE DATE OF ACCEPTANCE OF THE OFFER: 1. Loan Application(s) ( submit to ander(s) for new loan(s) and assumption(s), submit to Seller for seller financing), submit written acknowledgment to Seller (Para 11). 2. Buyer Inspections of Property (complete inspections, except GEOLOGIC, and give notice of disapproval) (Para 9) Buyer, as applicable, the information listed below, BEGINNING ON THE DATE OF ACCEPTANCE OF THE OFFER: Geologic /Seismic/Flood/State Fire Zones/Areas Disclosures, if applicable (Para 12A -C), Homeowner's Guide to Earthquake Safety and/or Commercial Property Owner's Guide to Earthquake Safety (Para 12E) 3, Buyer Inspections of Property (complete GEOLOGIC 8. _ Pest Control Report (Para 19) in ecti n a ivaaetic fdisa rove/ P a9 j _ 0u yL " g ©r �of��sf` ��uBG e 9. 4. SAPPFtOVE The items listed below, as applicable, shall promptly be requested and upon BUYER has the following nug tuber of calendar days to I thew provided to Buyer: items listed below, BEGINNING ON THE DATE OF BUYER'S RECEII�"� °"I 10. Existing Loan Documents (Para 1J), OF EACH ITEM: 5. Existing Loan Documents (Para 1J), Preliminary (Title) Report (Para 6), Preliminary (Title) Report (Para 6), Condominium /Planned Development Documents (Para B), Condominium/Planned Development Documents (Parse), GeologiGSeismic/Flood/State Fire Zones/Areas (Para 12A-C), Mello -Roos Disclosure (Para 720) Governmental Notices Disclosure (Para 13) 11. 6. C. DISAPPROVAL/APPROVAL OF ITEMS: (1) If, within thetiin fied, Buyer provides written reasonable disapproval to Sellerof any item forwhich Buyer these disapproval right, Sellershall respond in writing within _ calendar days after receipt of Buyer's notice. If Seller is unwi g or unable to correct the items disapproved by Buyer, then Buyer may cancel this agreement by giving written notice of cancellation to Seller within _ 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. If paragraph A2 is initialled, then Buyer shall provide Seller wither written notice of either cancellation or election to proceed. If Buyer elects to proceed with the transaction without Seller's correction of items, Buyer shall assume all liability, responsibility, and expense for repairs or corrections, including the expense of compliance with governmental agency requirements. This does not, however, relieve the Seller of any contractual obligations to repair or correct items otherwise agreed upon. (2) If a MELLO -ROOS DISCLOSURE notice under paragraph 12D is delivered to Buyer after the offer is executed, Buyer shall have three (3) days after delivery in person or five (5) days after delivery by deposit in the mail to give written notice of termination to Seller. D. FOR ALL TIME PERIODS: 1. Buyer and Seller understand that time periods can be changed only by mutual written agreement. 2. If this is a back -up offer (paragraph 21), time periods which are shown as a number of days beginning on the date of acceptance of the offer shall instead begin on the date Seller gives to Buyer written notice that any prior contract(s) has been cancelled. FINAL VERIFICATION OF CONDITION: Buyer shall have the right to make a final inspection of the Property approximately (or ❑ _) calendar days prior to close of escrow, NOT AS A CONTINGENCY OF THE SALE, but solely to confirm that: (a) Seller has completed alterapons, repairs, replacements, or modifications ( "Repairs") as agreed in writing by Buyer and Seller, and has complied with warranty obligations; if any, in paragraph 10, and (b) the Property is otherwise in substantially the same condition as on the date of acceptance of the offer. Repairs under this agreement shall be bompleted prior to close of escrow unless otherwise agreed in writing, and shall comply with applicable building code and permit requirements. Materials used shall be of comparable quality to existing materials. MEDIATION OF DISPUTES: BUYER AND SELLER AGREE TO MEDIATE ANY DISPUTE OR CLAIM BETWEEN THEM ARISING OUT OF TH IS CONTRACT ORANY RESULTING TRANSACTION BEFORE RESORTING TO ARBITRATION OR COURTACTION. Mediation is a process in which parties attempt to resolve a dispute by submitting it to an impartial, neutral mediator who is authorized to facilitate the resolution of the dispute but who is not empowered to impose a settlement on the parties. Mediation fee, if any, shall be divided equally among the parties involved. Before the mediation begins, the parties agree to sign a document limiting the admissibility in arbitration or any civil action of anything said, any admission made, and any documents prepared, in the course of the mediation, consistent with Evidence Code §1152.5. In addition, if paragraph 30 is initialled by Broker(s), Buyer and Seller agree to mediate disputes or claims involving an initialling Broker; as defined by that paragraph, consistent with this provision. The election by Broker(s) to initial or not initial paragraph 30 shall not affect the applicability of this mediation provision between Buyer and Seller and shall not result in the Brokers) beingg deemed parties to the purchase and sale agreement. IF ANY PARTY COMMENCES AN ARBITRATION OR COURT ACTION BASED ON A DISPUTE OR CLAIM W WHICH THIS PARGRAPH APPL IES W ITHOUT FIRST ATTEMPTING TO RESOLVE THE MATTER THROUGH MEDIATION, THEN IN THE DISCRETION OF THE ARBITRATOR(S) OR JUDGE, THAT PARTY SHALL NOT BE ENTITLED TO RECOVER ATTORNEY'S FEES EVEN IF THEY WOULD OTHERWISE BE AVAILABLE TO THAT PARTY IN ANY SUCH ARBITRATION OR COURT ACTION. However, the filing of ajudicial action to enable the recording of a notice of pending action, for order of attachment, receivership, injunction, or other provisional remedies, shall not in itself constitute a loss of the right to recover attorney's tees under this provision. The following matters are excluded from the requirement of mediation hereunder: (a) ajudicial or non - judicial foreclosure or other action or proceeding to enforce a deed of trust, mortgage, or installment land sale contract as defined in Civil Code §2985, (b) an unlawful detai ner action, (c) the filing or enforcement of a mechanic's lien, and (d) any matter which is within the jurisdiction of a probate court. PUTES: Any dispute or claim in law or not settled thmuah mediation shall be Seller, and shall not result in the Broker(s) being de The arbitration shall be conducted In accordai Arbitration and Mediation Services, Inc. (JAMS). TI the arbitration. The parties to an arbitration may agn shall be conducted in accordance with Part III, Title 9 o may be entered in any court having jurisdiction t Procedure §1283.05. The following matters are excl or proceeding to enforce a deed of trust, mortga detainer action, 4c the filing or enforcement of a claims court, an {he) an action for bodily injury or 7 §337.15 applies. T e filing of a judicial action to el or an 30 equity between Buyer and Seller arising out of this contract or any resulting decided by neutral, bindingg arbitration and not by court action, except as proceedings. In addition, ii paragraph 30 is initialled by Broker(s), Buyer nitlallIng Broker as defined by that paragraph, consistent with this provision. hall not affect t(ie applicability of the arbitration provision between Buyer and as to the purchase and sale agreement. he rules of either the American Arbitration Association (AAA) or Judicial n between AAA and JAMS rules shall be made by the claimant 11rst tiling for g to use different rules and /or arbitrator(s). In all other respects, the arbitration niaCodeotCivil Procedure. Judgment upon the award rendered b thearbitrator(s I =shall have the right to discovery in accordance with Code of Civi� arbitration hereunder: (a) a judicial or non•'udicial foreclosure or other action aliment land sale contract as defined in lvil Code §2985, (b) an unlawful s lien, �d) any matter which is within the jurisdiction of a probate or small lath, or or latent or patent detects, to which Code of Civil Procedure §337.1 or 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 IS VOLUNTARY." "WE HAVE READ AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT DISPUTES ARISING OUT OF THE MATTERS INCLUDED IN THE 'ARBITRATION OF DISPUTES' PROVISION TO NEUTRAL ARBITRATION." 9uyers bXems 1 s nlels II T Buyer and Seller acknowledge receipt of copy of this page, which con it t age 5 o '� Pages. OFFICE USE ONLY Buyer's Initials1— y ( ) ( ) Selef's Initials ( ) ( ) Roviewed by Broker or Designee 2 Date SELLER'S COPY REAL ESTATE PURCHASE CONTRACT AND RECEIPT FOR DEPOSIT (DLF -14 PAGE 5 OF 6) �rrrr„ V V V 1 , REAL �i10KERS: pfinitialled) Any Broker who i below roes to (ai mediate any dispute or with Buyer, Seller, or other Initialling Broker, arising out of this contract or anY rosu traction, consistent with .paragraph 2 , d (Y) arbitrate any dispute or claim with .Buyer, Seller, or other initialling Broker arisina _ contract er any resulting transaction . at vrHq paragraph 29. However, if the dispute is solely between the. Brokers, it shall f mitted for mediation and ar once with file Board /Association of REAL70W or WS rules. If those entities decline to the matter, it shall be submitted Pursuant to paragraphs 28 and 29. The Initialling of this raph shall not resulkin any Broker being deemed a pally to the purchastand sale agreement. As used in this paragraph, "Broker" m tie firm and any licensed persons affiliated with the_ t brokerageKWO. 1-hung Broker - 31. LIOUID AGE1 : 01 iofiwh d by 311 partlea) airwil Mnw srarrthourtr Buyer and Seller agree that it Buyer fails to colllpiete this purchase by reason of any default of Buyer: A. Seller shall be released from obligation to sell the Property to Buyer. B. Seller shall retain, as liquidated damages for breach of contract, the depor"itally paid. Buyer and Seller shall execute RECEIPT FOR INCREASED DEPOSITILIQUIDATED DAMAGES (CAR FORM RID•11) forany increased deposits. However, the amount retained shall be no more than 3% of the purchase price If Property Ise dwelling with no more than four units, one of which Buyer Intends to occupy as Buyer's residence. Any excess shall be promptlylreturned to Buyer. C. Seller retains the right to proceed against Buyer for specific palonnance or any other claim or remedy Seller may have In law or equity, other than breach of contract damages. D. In the sweet of a dispute, Funds deposited in trust accounts o6escrow are not released automatically and require mutual, signed release Instructions from both Buyer and Selloff, judicial decision, or arbitration award. 32. ATTORNEY'S FEES: in any action, proceeding,. or arbitration between Buyer and Seller arising out of this agreement, the prevailing party shall be entitled to reasonable attorney's fees and costs, except as provided in paragraph 2 &. 33. MULTIPLE LISTING SERVICE: If Broker is a Participant of a multiplatisting service(MLS), Broker is authorized to report the sale, price; terms, and financing for publication, dissemination, information, an of the MLS, its part e t , oath nzed mem rs, p Mofpents, and subscribers. 34. OTHER TERMS AND CONDITIONS: (lV�L /5 �f 2,r�s72 �/il@GL�z 7�iA� C��d C_rr7 tr1 r s5 35. TIME OF ESSENCE; ENTIRE CONT which constitutes the entire contract. Its spbject matter and may not be contra) are for convenience of reference only.. :snered, or changed in any respect wh 36. AGENCY CONgRMATION: The fogy . ... Listing Agent: _ ,_,, �/ Firm Name) EPfhe Seller eealusively; or E) botTyt�h�e Buyer d Seller. Selling Agent ! �4et2ww ibl W=eds �(if not same as Listing Agent) is the agent of (check one): -, � APrint Firm Name) El the Buyer exclusively; or ❑ the Seller exclusively; or ❑ both the Buyer and Seller. (IF THE PROPERTY CONTAINS 1-4 RESIDENTIAL DWELLING UNITS, BUYER AND SELLER MUST ALSO BE GIVEN ONE OR MORE DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIPS FORMS (CAR FORM AD-11).) 37. OFFER: This is an offer to purchase the Property. All paragraphs with spaces for initials by Buyer and Seller are Incorporated In this agreement only If initialled by both parties. If only one parry initials, a Counter Offer is required until agreement Is leached. Unless acceptance is signed by Seller and asigned copy delivered in person, by mail, or facsimile, and personally received by Buyer or by 77p:�� I'r1.r C It LI_ who is authorized to receive it, by '114)1) PeZSie_ -r_7 ' /ibe_ at—AM/PM, the offer shall be deemed revoked and the deposit shall be returned. Buyer and Seller acknowledge that Broker(s) is/are not a party(ies) to the purchase and sale agreement.. Buyer has read and acknowledges receipt of a copy of the offer and agreesto the above confirmation of agency relationships. This agreementand any supplement, addendum, or modification, including any photocopyor facsimile, may be executed in two or more counterparts, all of which shall constitute one and the same Receipt for de sit is acknow edged:, BUYER BROKER iU ✓'7 h�(u�Sie—, By A-1 is of the essence. All prior agreemerdabetween the parties are incorporated in this agreement, parties as a final, complete and mrqusiveezpression of their agreement with respect to its .prior agreement or contemporetleous orei agreement. The captions in this agreement poet of this agreement. This agrseindnt may not be extended, amended, modified, feT, w,"- Ment in writing signed iff'Suyer and Seller. by confirmed for this transaction: sift»gent of (check one): BUYER Address r%. 3 6 fl c&A 4 4 /1(�c+ Now Po,E 7 >3p^K4 ' Telephone ;a<%1 - _3W5'0 ~ Fax GC/s O3R . ACCEPTANCE The undersigned Set Is the above and agrees to sell the Property on the above terms and conditions and agrees to the above confirmation of agency relationshi st attt h co r r . g rees to a com ensation for sews a as follows: rJ /O iii ) _p to Ili n s- _ Broker, and S Broker, payable: (a) onrecordation of the deed or other evidence of title. or(b)if completion of sale is pre 4nted by default of Seller, upon Seller's default, or (c) it completion of sale is prevented by default of Buyer, only if and when Seller collects damages from Buyer, by suit or otherwise; and then in an amount equal to one -half of the damages recovered, but not to exceed the above compensation, after first deducting title and escrow expenses and the expenses of collection, it any. Seller hereby irrevocably assigns to Brokers) such compensation from Seller's proceeds in escrow. In any action, proceeding, or arbitration relating to the payment of such compensation, the prevailing party shall be entitled to reasonable attorney's fees and costs, except astprovided in par glrar,* ` The undersigned Seller has. read,. acknowledges receipt of a copy of this agreement, and authorizes Broker(s) to deliver a signs ccoy to Buyer. `1 � 5 a Date Telephone` Fax SELLER I ''' ✓l�' l'J"t — Address SELLER Real Estate Broksr(s)confirm(s) agency relationship(s) as above. (Real Estate Brokers are not parties to the purchase and sale agreement between Buyer and Seller): Real Estate Broker (Selling) By Date Address Telephone Fax Real Estate Broker (Listing) By Date Address Telephone Fax OFFICE USE ONLY This form is available log use by the entire real estate industry . The use W this form is not intended to identify the user as a REALTORS'. Bevlewed by Broker Or Designee REALTOR saegisteredcsechnarsembershp ark which maybe used Onlyy byy Taal estate. licenses who are members of the NATIONAL ASeOOIATION who ca its Ethics, Page 6 o �yy11pyraq Date OPreIRlomi OF REALTORS^ and sub 0 Cede m .Pages. Wsc -SEP-03 SELLER'S COPY REAL ESTATE PURCHASE CONTRACT AND RECEIPT FOR DEPOSITdo1-F_ia pars a nc It r � � EGARDINS'a ��`• ' �`'' � EATI�E Y REL d SH S gfAeye*gred by the Civil. CALIFORNIA ASSOCIATION OF REALTOR SP iCARVSTANDAR4., rvv When,you enter into a discussion with a real estate agent regarding a real estate transactbh, -you should frorftllle Outsei understand what type Of agency relationship or representation you wish 10 have with the agent In the transaction. SELLER'S AGENT A Seller's agent under a listing agreement with Seller acts as the agent for 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 otpropertylhat aLre 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. BUYER'S AGENT A selling agent can; witjta B er s0404 -agree to act as agent for the Buyer only. In these situations; the aoerd'is riot the Seller's agent, even if by agre§ment ageiitmdV. receive compensation for : ices rendered either in full or in part from the $e116ii 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 periohnQnce of the agent's duties. (bi A duty of honest and fair dealing and good faith (c) A duty to disclose all facts known to the agent matarratly affecting thevalue or desirability of the propedy that are not known 10, or within the diligent attention and observation of, the parties. An agent is not obligated toreyealto either p m any confldWial information obtaedfrom the other party which does notinvolvethe affirmative duties Set f6&!a1b0_ AGENT REPRESENTING BOTH SELLER & 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 66th 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 utrnost care, integrity, honesty and loyalty in the dealings with either Seller or the Buyer, (b) Other duties to thwSiBllerand the Buyer as stated'above in their r6§pectrve:6ections. In representing both Seller and Buyer. the agent may not, without the expressperrrt oh-of the respecti a rty,di . etotheother party that the Seller will accept a price less than the listing price or that the 6tryei wrll'pay a prrcegra tgr t an fie 6ce offered. . m w:.. The above duties of the agent in areal estate transactlOndo not relieve aSelleroraBuyer `tom Qresponsibllltyto 'protect their own interesls: You should carefully read all agreements to assure that they adequately express your Undersia. of the transachon . Areal estate agent isa person qualified to advise about real'estate Llegal.or tax advice Is desird cop► a cOn 1 professfo»I -rd Throughout your real prdperlytransactiony dri iayleceiveftrethanonedisclosureform ,depend upon thenumberofagentsassistingin theiransaction. 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 timed 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 got Part 4 of Division 3 of the ' Civil Code set forth on the reverse hereof. Read Carefully. 1/WE ACKNOWLEDGE CEIPT'OF A C P IS CLOSURE. BUYS ELLER A. Date ' 1 TIME AM /PM UYER L, _ 1W=1 &,±V v Date Z Z Z - 4 TIME ld f 30 AWIPM. -;.. AGENT ,�'tJ��lf 1 JR t.l1 IS LWBy � a Date —gin,,, . � y.,,.� •.t COMPIRMATIM REAL ESTATE AGENCY RELATIONSHIPS Subject Property The following agency relationship(s) isiare hereby confirmed for this transaction: —73-'� it, LISTING AGENT: I/ /%/GGAlig�C SELLING AGENT: �ief :6S9 S e_ is the gent of (check one): (if not the same a5 Listing Agent the Seller exclusively; or s the gem Of (check one): u Ye'/L 7 ❑ both the Buyer and Seller the Buyer exclusively; or ❑ the Seller exclusively; Or A ❑ both the Buyer and Seller IIWE ACKN WLEDGE E T F A COPY OF THIS CONFIRMATION. Seller Date Bu _��— t� Date z_ 22�`/f� Seller Date Buyer Date Listing Agent CAw By w Datea� ?Q� ,Please Fr�np IgL� k -Sr natural Selling Agent r Y _ Date -2 I9e I Please ll C (Assooate rmensee or Broker-Signawie) A REAL ESTATE BROKER IS OUALIFIEO TO ADVISE ON REAL ESTATE. IF YOU DESIRE LEGAL ADVICE, CONSULT YOUR ATTORNEY. This form is available ra use by the enere real estate industry.. The use of this form is not intended to identity the user as a REALTORSv. REALTORF is a registered colreUrve membership mark wh.ch may be used only by real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS" and who subscribe [or* Code of Ethics Copynghtc 1987.. CALIFORNIA ASSOCIATION OF REALTORSV 525 South Virgil Avenue, Los Angeles, California 90020 OFFICE USE ONLY FORM AD -11 /AC -6 FReviewedoryBrokeT or Designee IcombmeEl ale EXCLUS VE AUTHORIZATION AND RIGHT TO.SELL ..;: MULTIPLE LISTING AUTHORIZATION : '_i• ti e IL 16 SEA LEGALLY BINDING CONTRACT —READI Y. fFO! wIAASS OCIATIONOFREALTOR SS(CAR)$TANDARD _ 1.' EXCLUSIVE RIGHT TO SELL: I, the undersigned ( "Seller") hereby employ and grant s Aa I &,64Cf VV ( "Broker ") the !B1xclusive and irrevocable right commencing on .19 , and expiring at 11:59 P.M. or Mini �pt� 19g_ -, to sell Or exchange the real ilroperty situated in the City Of i&V filer 26W4 County of 0 , California described as follows: OaAswy� ( "Property" ). 2. TERMS OF SALEtThe selling price shall be r7'RJ/ &JI.4 5AA)D j, to be paid as f lows: The following items of personal property are included in the above price: 3. MULTIPLE LISTING SEPIVICE (MLS): Broker is a Participant of i SCE Multiple Listing Service (MLS) and this listing information will be provided to the fALS to be published and disseminated to its Participants and Subscribers in accordance with its Rules and Regulations. Broker is authorized to cooperate with other real estate brokers, 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 policyof title insurance in the amount of the selling price. Upon request, a title insurance company can provide information about other types of title insurance coverage. 5. COMPENSATION TO BROKER: Notice: The amount or rate of real estate commissions is not fixed by law. They are set by each Broker Individually and may be negotiable between the Seller and Broker. Seller agrees to pay to Broker(s), irrespective of agency relationship(s), as comp nsation for services percent of the sales price, or $ as follows: (a) if the Property is sold by Broker, or through any other person including Seller, on the above terms or any other price and terms acceptable to Seller during the above time period or any extension of said time period; (b) if the Property is withdrawn from sale, transferred, conveyed, leased, rented, or made unmarketable by a voluntary act of Seller, without the consent of Broker, during the above time period or any extension of said time period; (c) ifwithin— 0 calendar days of the final termination, including extensions, of this Exclusive Authorization and Right to Sell, the Property is sold, . conveyed, or otherwise transferred to anyone with whom Broker(s) have had negotiations prior to final termination provided that Broker has given to Seller, prior to or upon termination, a written notice including the names of the prospective purchaser(s). This section (c) shall not apply if Seller enters into a valid listing agreement with another licensed real estate broker after the final termination of this Exclusive Authorization and Right to Sell; (d) in the event of an exchange, permission is hereby given Broker to represent all parties and collect compensation from them provided that there is full disclosure to all parties of such agency; (e) if completion of the sale is prevented by default of Seller, then upon such default; (f) if completion of the sale is prevented by a party to the transaction other than Seller, then only if and when Seller collects damages by suit or otherwise and then in an amount not less than one -half of the damages recovered, but not to exceed the above compensation, after first deducting title and escrow expenses and the expenses of collection, . if any; (g) Broker(s) is authorized tocooperate with other brokers, and divide with other brokers such compensation in any manner acceptable to Broker(s); (h) Seller hereby irrevocably assigns to$roker(s)the funds and proceeds of Seller in escrow equal to the above compensation. 6. AGENCY RELATIONSHIPS: Broker shall actas the agent for Seller in any resulting transaction. Depending upon the circumstances, it may be necessary or appropriate for Broker to act as agent of both Seller and Buyer, exchange party, or one or more additional parties. If applicable, Broker shall, as soon as practicable, disclose to Seller any election to act as a dual agent representing both Seller and Buyer. If the Property is a residential dwelling with one to four units, Broker shall provide agency relationships disclosure as required by law. Seller understands. that Broker may have or obtain listings on other properties and that potential buyers may consider, make offers on, or purchase through Broker propertythe same as or similar toSeller's Property. Seller consents to Broker's representation of sellers and buyers of other properties before, during, and after the expiration of this agreement. 7. DEPOSIT: Broker is authorized to accept and hold on Seller's behalf a deposit to be applied toward the purchase price. 8. HOME WARRANTY PLAN: Seller is informed that home warranty plans . are available. Such plans may provide additional protection and benefit to Seller and potential buyers. Cost and coverage may vary. *9. KEYBOX: Seller authorizes Broker to install a KEYBOX: gnklal) YES ) NO 10. SIGN: Seller authorizes Broker to install a FOR SALE /SOLD sign the property: (Initial) YES / ) NO {__ /,) 11. PEST CONTROL: Seller shall furnish a current Wood Destroying Pests and Organisms Inspection Report of the main building and all structures of the Property, except (Initial) YES ( rJ) NO (/) 12. DISCLOSURE: Unless exempt, Seller shall complete and sign a Real Estate Transfer Disclosure Stater4ent concerning the condition of the Property. Seller agrees to save and hold Broker harmless from all claims, disputes, litigation, and /or judgments arising from any incorrect information supplied by Seller, or from any material facts which Seller knows but fails to disclose. `13. EARTHQUAKE SAFETY: IfthePropertyisa residential dwelling with one to four units, Seller acknowledges receipt of a copy of the Homeowner's Guide to Earthquake Safety from Broker, (Initial) (/) `14. TAX WITH HOLDI NG: Seller agrees to perform any act reasonably necessary to carry out the provisions of FI R PTA (I nternal Raven Lie Code §1445) and California Revenue and Taxation Code § §18805 and 26131, and regulations thereunder. 15. EQUAL HOUSING OPPORTUNITY: The Property is offered in compliance with federal, state, and local anti - discrimination laws. 16. ATTORNEY'S FEES: Inanyaction, proceeding, orarbitration arising out of this agreement, involving the Seller and/or Broker(s), theprevailing party shall be entitled to reasonable attorney's fees and costs except as provided in paragraph 17. Broker and Seller ackno I �F� ipt of copy of this page, which constitutes Page 1 ok _Pages. Seller's Initials ( ) ( ) Broker's Initials READ REVERSE SIDE OF ppGE20F THIS pGREEMENTF AL INFORMATION. THIS STANDARDIZED DOCUMENT FOR USE IN SIMPLE TRANSACTIONS HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORS+ IN FORM ONLY. NO REPRESENTATION IS MACE AS TO THE APPROVALOFTHE FORM OF ANY SUPPLEMENTS NOT CURRENTLY PUBLISHED BY THE CALIFORNIAASSOCIATION OF REALTORS": OR THE LEGAL VAUDITYOR ADEOUACY OF ANY PROVISION IN ANY SPECIFIC' TRANSACTION. IT SHOULD NOT BE USED IN COMPLEX TRANSACTIONS OR WITH EXTENSIVE RIDERS OR AOOITIONS AREAL ESTATE. BROKER IS THE PERSON OUALIFIED TO ADVISE ON REAL ESTATE TRANSACTIONS. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. The copyright laws of the United States (17 U.S. Code) forbid the unauthorized OFFICE USE ONLY reproduction of this form by any means including facsimile or computerized formats. Copyrightce 1 1993. CALIFORNIA ASSOCIATION OF REALTORS" [Revio-ed by Broker or Designee 525 South Virgil Avenue. Los Angeles. California 90020 REVISED 7/93 SELLER'S COPY M- R•JUL -9 j EXCLUSIVE AUTHORIZATION AND RIGHT TO SELL IA -14 PAGE 1 OF 2) . s Prcg`e47-Acidrass: ,,. q 1f• MEDIATION OF DISPUTES: BROK D SEL R AGREE TO MEDIATE ANY DfS f OR CLAIM BETWEER YPiEM ARISING OUT OF THIS CONTRACTOR ANY RESULTI G TRANSACTION BEFORE RESORTING TO ARBITRATION OR COURT ACTION. Mediation is a process in which parties attempt to resolves dispute by submitting it town impartial, neutral mediator who is authorized to facilitate the resolution r of the dispute but who is not empowered to impose a settlement on the parties. Mediation fee, if any, shall bedivided equally among the parties involved. Before the mediation begins, the parties agree to sign a document limiting the admissibility in arbitration or any civil action of anything said, any admission made, and any documents prepared, in the course of the mediation, consistent with Evidence Code §11525. IF ANY PARTY COMMENCES AN ARBITRATION OR COURT ACTION BASED ON A DISPUTE OR CLAIM TO WHICH THIS PARGRAPH APPLIES WITHOUT FIRST ATTEMPTING TO RESOLVE THE MATTER THROUGH MEDIATION, THEN IN THE DISCRETION OF THE ARBITRATOR(S) OR JUDGE, THAT PARTY SHALL NOT BE ENTITLED TO RECOVER ATTORNEY'S FEES EVEN IF THEY WOULD OTHERWISE BE AVAILABLE TO THAT PARTY IN ANY SUCH ARBITRATION OR COURT ACTION. However, the filing of a judicial action to enable the recording of a notice of pending action, for order ofattachment, receivership, injunction, or other provisional remedies, shall not in itself constitute a loss of the right to recover attorney's fees under this provision. The following matters are excluded from the requirement of mediation hereunder: (a) a judicial or non - judicial foreclosure or other action or proceeding to enforce a deed of trust „mortgage, or installment land sale contract as defi ned in Civil Code §2985, (b) an unlawful detainer action, (c) the filing or enforcement of a mechanic's lien, and (d) any matter which is within the jurisdiction of a probate court. 18. ARBITRATION OF DISPUTES: Anydispute or claim in fewer equitybetween Sellerand Brelferarlsing outof this contractorany resulting transaction widoh is not settled through mediation shall be decided by neutral, binding arbitration and not by court action, except as provided by California law for judicial review of arbitration proceedings. The arbitration shall be conducted in accordance with the rules of either the American Arbitration Association (AAA) or Judicial Arbitration and Mediation Services, Inc. (JAMS). The selection between AAA and JAMS rules shall be made by the claimant first filing for the arbitration. The parties to an arbitration may agree in writing M use different rules and/or arbitrator(s). In all other respects, the arbitration shall be conducted. in accordance with Part 111, Title 9 of the California Code of Civil Procedure. Judgment upon the award rendered bythe arbitrator(s) may be entered in any court having jurisdiction thereof. The.parUershall have the right to discovery In accordance with Code of Civil Procedure §1283.05. The following matters are excluded from arbitration hereunder: (a) a judicialbr non-judicial foreclosure or other action or proceeding to enforce a deed of trust, mortgage, or installment land sale contract as defined in Civil Code §2985, ft an unlawful detainer action, (c) the filing or enforcement of a mechanics lien, (d) any matter which is within the jurisdiction of a probat46r small claims court, and (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' PRO@SION'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 IS VOLUNTARY.” "WE HAVE READ AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT DISPUTES ARISING OUT OF THE MATTERS INCLUDED IN THE 'ARBITRATION OF DISPUTES' PROVISION TO NEUTRAL ARBITRATION." Seller's Initial. Brokers Intel. 19. ADDITIONAL NAL TER S llA /t ~A n bAZI &,A) J S 6'><C4 _L?1:t_FM o9 A R(i )C;; e 20. ENTIRE CONTRACT: All prior agreements between the parties are incorporated in this agreement; which constitutes the entire contract. Its terms are intended by the parties as a final, complete, and exclusive expression of their agreement with respect to its subject matter and may not be contradicted by evidence of any prior agreement or contemporaneous oral agreement. This agreement and any supplement, addendum, Or modification, including any photocopy or facsimile, may be executed in two or more counterparts, all of which shall constitute one and the same writing. 21. CAPTIONS: The Captions in this contract are for convenience of reference only and are not intended as part of this contract. I, the Seller, warrant that 1 am the owner of the Property or have the authority to execute this contract. I acknowledge that I have read and underetand this contract, including the information on the reverse side, and have re eived a copy. Date T 19'; �5 "I ;e7 r <l California Telephone j�! f ( - f` Fax Seller '= • . .. i--- >` �.�..•�_ Address ? U P + =r • . i U I ex, Seller— LI City State Zip In consia tion of the above, Broker agrees to use diligence in procuring a purchaser. Date �1W1&�J3X1 195iL Telephone �1 x;73 Fax ZZ yL -673 -34/,51 Real Est te�Broka Address By City C State .W Zip 19;;2 to This form is available for use by the entire real estate industry. The use OFFICE USE ONLY of this form is not intended to identify the user as a REALTOR ". igr REALTOA` is a registered collective membership mark which may be FDafel y Broker or Designee usedonlybyreal estate licensees who are members of the NATIONAL p°p lytl1ln ASSOCIATIO N OF REALTOR5'� aM whosubscribe to its Cotleof Ethics. Page 20f Pa905. SELLE M�JUL -93 R Y Fj EXCLUSIVE AUTHORIZATION AND RIGHT TO SELL (A -14 PAGE 2 OF 2) .. DISCLOSURE= REGARDING RESTATE AGENCY RELATIONSHI• L4 A (AS required by the Civil Code) _ ... CALIFORNIA ASSOCIATION OF REALTORS® (CAR( STANDARD FORM When you enter into a discussion with areal estate agent regarding areal 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 agent for the Seller only. A Seller's agentora 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 party which does not involvethe affirmative duties set forth above. BUYER'S AGENT A selling agent can, with a Buyyer'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 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 Buyyer (a) A fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Buyer. To the Buyer & Seller: la) 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 the property that are not known to, .orwithin 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 d 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 if carefully. I /WE ACKNOWLEDGE RECEIPT OF A COPY OF THIS DISCLOSURE. TIME AM/PM. AGENT By IPIeaSePrinQ ASSmiale L,cenSee or Broker- Signalurel CONFIRMATION REAL ESTATE AGENCY RELATIONSHIPS Subject Property Address 4pdA LP) JAI L A26 ��l The following agency relationship(s) is /are hereby confirmed for tlds transaction: LISTING AGENT: is the agent of (Check one): ❑ the Seller exclusively; Or ❑ both the Buyer and Seller I/WE ACKNOWLEDGE RECEIPT OF A COPY OF THIS CONFIRMATION. 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 AM /PM Seller Date Buyer Date Seller Date Buyer Date Listing Agent By Date IPIeauPnnQ IASSOaale Licensee or Broker- Signature) Selling Agent By Date fPieau.Frw7 (Associate Licensee or Broke.- Sgnafwel A REAL ESTATE BROKER IS QUALIFIED TO ADVISE ON REAL ESTATE. IF YOU DESIRE LEGAL ADVICE; CONSULT YOUR ATTORNEY. This form is available for use by the entire real estate industry. The use of this form is not intended to identity the user as a REALTOR!". REALTORe is a registered collective membership mark which may be used only by real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORSs and who subscribe to its Code of Ethics. OFFICE USE ONLY Copyrights f987. CALIFORNIA ASSOCIATION OF REALTORSA+ FORM AD -11 /AC: -6 FReviewd y Broker o %Designee ou u 525'South Virgif Avenue, Los Angeles, California 90020 Icdmb,nedl ate orroxrukin 1k1 -1.YAa CLOSED SESSION ITEM NO. CITY OF NEWPORT BEACH OFFICE OF THE CITY MANAGER FEBRUARY 14, 1994 TO: MAYOR AND CITY COUNCIL FROM: ASSISTANT CITY MANAGER SUBJECT: WEST NEWPORT LIBRARY, 6000 W. COAST HWY. ACTION: Provide direction to staff regarding the sale of this property to either James and Patricia Spentzos or Ninfa O'Brien and Partners. BACKGROUND: The Council approved the sale of this property in December 1992 for a price of $320,000. The property was appraised in September 1992 at a value of $325,000. The Council approved a listing agreement on January 24, 1994 at a price of $339,000. On February 9, 1994, staff received an offer from the Spentzos for $315,000 with the contingencies that the property be approved as a restaurant and that the sale include nine adjoining parking spaces. The buyer provided a $5,000 deposit toward a 20% down payment and will need to seek an 80 % loan. Financing is a contingency of the offer. The offer also included a requirement that the City provide a survey of the premises. Staff made a counter -offer of $325,000 with no assurances of project approvals other than those permitted under current building and zoning codes. Staff also included a provision indicating that the nine adjoining spaces were not owned or controlled by the City. The buyer accepted this counter -offer. On February 11, 1994, staff received an offer of $315,000 from Ninfa O'Brien who was excluded from the listing agreement because of the previous interest in the property. Her offer is all cash with no contingencies and only a 4% commission. Staff countered with $325,000, which was accepted. Page 2 DISCUSSION: The Spentzos are reportedly related to the owners of the adjacent Cappy Restaurant and plan to use the building as some sort of complimentary specialty food use. Their review of the City's zoning code is that there would be sufficient parking if the building was combined with the Cappy's property. The net to the City after paying a 5% commission and other fees will be approximately $305,000. The requested survey can be accomplished by the Public Works Department. Ninfa O'Brien has a partner who needs an office for a small business, and Ninfa will also move her real estate office to the property. Her offer will net the City approximately $4,000 more than the other. RECOMMENDATION: These are reasonable offers consistent with the appraisal. Staff recommends that both offerors be afforded one more opportunity to bid, and that the Council authorize the City Manager to execute the sale to the party who offers the highest net amount to the City. Kenneth J i KJD:mb J TO: FROM: SUBJECT: DATE: Ll CITY OF NEWPORT BEACH P.O. BOX 1768, NEWPORT BEACH, CA 92659 -1768 MEMORANDUM Kenneth Delino, Deputy City Manager Faysal Jurdi, Chief Plan Check Engineer Structural Condition of Library Storage Building. 00 W. Coast Highway, Newport Beach July 14, 1992 Upon your request, we reviewed our records and conducted an inspection of the subject building and made the following observations: A. The building is a single story, wood and stucco structure, approximately 2100 sq. ft. in area built in 1961. B. An unreinforced masonry screen wall in front of the building is severely cracked and must be demolished. This wall is not a part of the building. C. Planters along the front wall of the building do not drain properly. In its present condition water may pond and flow into the building. D. Wall mounted air conditioner located on the west end of the front wall is rusted and requires replacement. E. Forced air heating unit in the west wing of the building appears to need repairs. F. Visual inspection of the building exterior and interior did not reveal any cracks or deflection to indicate any structural distress. Our records show that the building was reroofed in 1985. The roof appeared to be in good condition. We are unaware of any site contamination or of the presence of asbestos in this structure. This can only be determined by a testing agency. FJ:jf 3300 Newport Boulevard, Newport Beach CITY A NEWPORT BEA& MEMORANDUM: FTOM DEPUTY CITY MANAGER To ..... ..BIIILDING DIRECTOR RE: SALE OF WEST NEWPORT LIBRARY 600 W. COAST HIGHWAY Prior to the sale we will need to disclose all known conditions to the land and structure including ground contamination, asbestos, structural integrity, etc. Can you arrange for the appropriate inspections and reports? KJD:mb cc: Library Director Reply meted ❑ Reply not necessary ❑ M6.20. KENNETH UJ DELINO N i N