Laserfiche WebLink
AGREEMENT FOR ACQUISITION AND SALE OF REAL <br />PROPERTY BY AND BETWEEN THE CITY OF NEWPORT <br />BEACH AND SOUTHERN CALIFORNIA EDISON <br />COMPANY <br />`3 <br />r This AGREEMENT FOR ACQUISITION AND SALE OF REAL PROPERTY <br />("Agreement") is entered into by and between the CITY OF NEWPORT BEACH, a <br />California municipal corporation and charter city (the "City'), and SOUTHERN <br />1 CALIFORNIA EDISON COMPANY, a California corporation ("Seller"), for acquisition by <br />the City of certain real property owned by Seller and is made on the basis of the following <br />facts, intentions and understandings. <br />RECITALS <br />A. Seller is the present owner of that certain real property consisting of an <br />approximately 5,872 square foot parcel of land, located at 1516 W. Balboa Blvd. <br />Newport Beach, California ("Property"), identified as Assessor's Parcel Number <br />047-222-10, and more particularly described in Exhibit "A" ("Legal Description") <br />which is attached hereto and incorporated herein by reference. <br />B. Seller desires to sell to City, and City desires to purchase from Seller, the <br />Property, all on the terms and conditions set forth in this Agreement. <br />NOW THEREFORE, for good and valuable consideration, receipt of which is <br />hereby acknowledged, the parties agree as follows: <br />1. Purchase and Sale of Property; Property Purchase Price. <br />(a) Covenants of Purchase and Sale. Subject to the prior <br />satisfaction of the Conditions to Closing set forth in Section 3 hereof, Seller shall sell to <br />City, and City shall acquire from Seller, the Property. <br />(b) Property Purchase Price. The parties agree on the basis of <br />an appraisal conducted by R.P. Laurain & Associates dated May 24, 2012, and Mason & <br />Mason dated May 24, 2012 (the "Appraisal") that the value of the Property is One Million <br />Five Hundred Thousand and No/100 Dollars ($1,500,000.00) (the "Property Purchase <br />Price"). The parties agree that City shall pay the Property Purchase Price as follows: <br />i. Cash Payment. City shall pay Six Hundred Thousand <br />and No/100 Dollars ($600,000.00) in cash or certified funds (the "Cash Payment"); and <br />ii. Donated Property. The balance of the Property <br />Purchase Price (i.e., Nine Hundred Thousand and No/100 Dollars [$900,000.00]) shall be <br />acknowledged by City as Donated Property Over $5,000 in accordance with the <br />provisions of Section 18, below. <br />2. Opening of Escrow; Closing. The escrow (the "Escrow") for the <br />consummation of this transaction shall be established by the deposit of an original, fully - <br />signed copy of this Agreement with Escrow Agent (see Section 12, below) (the <br />"Opening"). This transaction and the Escrow shall close (the "Closing") within ten (10) <br />Agreement for Acquisition And Sale Of Real Property <br />1 <br />