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HomeMy WebLinkAboutNewport Boulevard, 3201ro q RECORDING REQUESTED BY First American Title Company AND WHEN RECORDED MAIL DOCUMENT TO: City of Newport Beach 100 Civic Center Drive Newport Beach, CA 92663-8915'Y Recorded in Official Records, Orange County Hugh Nguyen, Clerk -Recorder CF� fE0 l l l[]l II !III 11I1I !III 11$11I1IIJj II JI 11f 1IIj I I III !III NO FEE 8 0 0 0 7 0 1 5 3 8 5$ 20140004060118:00 am 10/07/14 :T 28 AN :87;2 D10 5 0.00 0.00 0.00 0.00 12.00 0.00 0.00 0.00 raK A.P.N.: 423-102-03 and 423-382-05 Grant Deed / r^I OY%J�% e) 1...1 rl C Fle�-5 i.�rv�c'YL UoU%-c-gnn=NT S §6r�31a+..O2734s . *V -q Not 4 V\'kblk C K-�- C.ord Above This Line for Recorder's Use Only File No.: OSA-4706783 (RCB) SEPARATE PAGE PURSUANT TO GOVT CODE 27361.6 RECORDING REQUESTED BY First American Title Company AND WHEN RECORDED MAIL DOCUMENT TO: City of Newport Beach 100 Civic Center Drive Newport Beach, CA 92663-8915 Lt -?OL 74 � 2-Z..- A.P.N.: 423-102-03 and 423-382-05 Grant Deed I H,55�tirn�7vt- IS ey cMP F2� �I L r NL, Fps u+v GYL *V7 NDt 4 �ublkC. re -Cord Above This Line for Recorder's Use Only File No.: OSA-4706783 (RCB) SEPARATE PAGE PURSUANT TO GOVT CODE 27361.6 -t'DIC N o -V 4 pu btc c. p -P ov-a FOR AND IN CONSIDERATION the receipt and sufficiency of which are hereby acknowledged, Lido Pacific LLC, a California limited liability company (hereinafter "Grantor"), whose address is 441 N. Beverly Drive, #207, Beverly Hills, CA, Attn: Bruce Meyer, hereby grants to the City of Newport Beach, a Municipal corporation and Charter City (hereinafter "Grantee"), whose address is 100 Civic Center Drive, P.O. Box 1768, Newport Beach, CA, Attn: Andy Tran, the lots, tracts, or parcels of land or real property lying, being, and situated in the City of Newport Beach, County of Orange, State of California, more particularly described in Exhibit A attached hereto and incorporated herein by reference, together with all improvements thereon and fixtures affixed thereto and all privileges, easements, tenements and appurtenances thereon or in any way appertaining to such real property (collectively, the "Property"), GRANT DEED WITNESSETH: THE PROPERTY IS CONVEYED TO GRANTEE SUBJECT TO: (a) all matters of record title; (b) all matters that would be revealed or disclosed in an accurate survey of the Property; (c) a lien not yet delinquent for taxes; and (d) a lien not yet delinquent for any general or special assessments against the Property. IN WITNESS WHEREOF, the undersigZalia i nt Deed as of Se�trn�6Pc 2 S 2014 - GRANTOR: C j_ia ' y company STATE OFCALIFORNIA COUNTY OF LOS ANGELES On 2.5", , 2014 before me,r-SQL-t c L DE a Notary Public, personally appeared Bruce Meyer, who proved tome on the basis of satisfactory evidence to be the person(A whose name(g) isfaresubscribed to the within instrument, and acknowledged to me that he/she" executed the same in his/4er/their authorized capacity(ies), and that by his/weir signature($) on the instrument the person(8), orthe entity upon behalf of which the person( acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. IT SSS m�tland and official seal. LAGUA NATHALIE L DE LAGUARIOUE 1 Commission No. 2035699 NOTARY PUBLIC -CALIFORNIA Nota Z 4Z�t Y LOS ANGELES COUNTY \ p' My Comm. EMM AUGUST 7, 2017 470139.1 CERTIFICATE OF ACCEPTANCE This CERTIFICATE OF ACCEPTANCE is to certify that the interest in real property set forth in that certain Grant Deed by and between the City of Newport Beach, a California municipal corporation and charter city, as Grantee, and Lido Pacific, LLC, a California Limited Liability Company, as Grantor, for property located at 3201 Newport Boulevard (APN 423102 03) and 3204 Marcus Avenue (APN 423 382 05), located in the City of Newport Beach is hereby accepted on June 30, 2014 by the undersigned officer on behalf of the City of Newport Beach pursuant to authority conferred by Resolution No. 1992-82 of the City Council adopted on July 27, 1992. The City of Newport Beach consents to the recordation of said document in the Office of the Recorder of Orange County, State of California. APPROVED AS TO FORM: OFFICE OF THE CITY ATTORNEY ATTEST - By: By: i Leilani I. Brown, City Clerk State of California County of ORANGE CITY OF NEWPORT BEACH, A Municipal Corporation Da City Manager On T 6 7� 2 C ilLf 2014 before mej t�tv I F � 12 �Nly �l'1cLv tj Notary Public, personally appeared DAVID KIFF, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity(ies), and that by his signature on the instrument the person, or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNE§S my hand and official seal V 470139.1 JENNYER ANN-MULVEY f'��''' Commission ♦ 2045022 'a - Notary Public • California Z Orange County my Comm,. Ex 'res Oct 12, 2017 Notary Seal Under the provisions of Government code 27361.7, 1 certify under penalty of perjury that the Notary Seal on•the document to which this statement is attached reads as follows: Name of Notary: Jthy\1 1 - An, Commission Number: County where Bond is filed: 0 r w q" - Date Commission Expires: I2 ao 17 PLACE OF EXECUTION: SAN BERNARDINO DATE: D I 1 SIGNATURE: PRINTED NAME: Robin Kelloaa 10 �ster J. Guillory EF -502A -ROI -1013-0 Orange County Assessor BOE -502-A (P1) REV. 12 (05-13) Civic Center Plaza, Building 11 PRELIMINARY CHANGE OF OWNERSHIP REPORT 625 N. Ross Street, Room 142 To be completed by the transferee (buyer) prior to a transfer of P.O. Box 1948 Santa Ana, CA 92702-1948 subject property, in accordance with section 480.3 of the Revenue (714) 834-5031 and Taxation Code. A Preliminary Change of Ownership Report www.ocgov.com/assessor must be flied with each conveyance in the County Recorders office for the county where the property is located. NAME AND MAILING ADDRESS OF BUYERRRANSFEREE (Make necessary Corrections M the printed name and mailing address) ASSESSOR'S PARCEL NUMBER 7 , 423-102-03 and 423-382-05 City of Newport Beach SELLERRRANSFEROR 190 Civic Center Drive Lido Pacific, LLC Newport Beach, CA 92663-8915 BUYER'S DAYTIME TELEPHONE NUMBER BUYER'S EMAILADDRESS L J STREETADDRESS OR PHYSICAL LOCATION OF REALPROPERTY 3204 Marcus Avenue, 3201 Newport Boulevard, Newport Beach, CA MAIL PROPERTY TAX INFORMATION TO (NAME) ADDRESS CITY STATE ZIP CODE []YES [� NO This property is intended as my principal residence. If YES, please indicate the date of occupancy Mo DAY YEAR or intended occupancy. PART 1. TRANSFER INFORMATION Please complete all statements. YES NO This section contains possible exclusions from reassessment for certain types of transfers. ❑ Q A. This transfer is solely between spouses (addition or removal of a spouse, death of a spouse, divorce settlement, etc.). ❑ ❑J B. This transfer is solely between domestic partners currently registered with the California Secretary of State (addition or removal of �I a partner, death of a partner, termination settlement, etc.). LJ • C. This is a transfer: ❑ between parent(s) and child(ren) ❑ from grandparent(s) to grandchild(ren). ❑ 0 * D. This transfer is the result of a cotenant's death. Date of death ❑ 0 * E. This transaction is to replace a principal residence by a person 55 years of age or older. Within the same county? ❑ YES ❑ NO ❑ ❑J * F. This transaction is to replace a principal residence by a person who is severely disabled as defined by Revenue and Taxation Code section 69.5. Within the same county? ❑ YES ❑ NO ❑ F/] G. This transaction is only a correction of the name(s) of the person(s) holding title to the property (e.g., a name change upon marriage). If YES, please explain: ❑ ❑✓ H. The recorded document creates, terminates, or reconveys a lenders interest in the property. ❑ I. This transaction is recorded only as a requirement for financing purposes or to create, terminate, or reconvey a security interest (e.g., cosigner). If YES, please explain: ❑ © J. The recorded document substitutes a trustee of a trust, mortgage, or other similar document. K. This is a transfer of property: ❑ 1. to/from a revocable trust that may be revoked by the transferor and is for the benefit of ❑ the transferor, and/or ❑ the transferor's spouse ❑ registered domestic partner. ❑ [,71 2. tolfrom a trust that may be revoked by the creator/grantor/trustor who is also a joint tenant, and which names the otherjoint tenant(s) as beneficiaries when the creator/grantor/trustor dies. .❑ Q 3. to/from an irrevocable trust for the benefit of the ❑ creatorigrantodtruslor and/or ❑ grantor's/trustor's spouse ❑ grantor's/trustor's registered domestic partner. ❑ ❑✓ L. This property is subject to a lease with a remaining lease term of 35 years or more including written options. ❑ Q M. This is a transfer between parties in which proportional interests of the transferor(s) and transferee(s) in each and every parcel being transferred remain exactly the same after the transfer. ❑ E N. This is a transfer subject to subsidized low-income housing requirements with governmentally imposed restrictions. ❑ 0 * O. This transfer is to the first purchaser of a new building containing an active solar energy system. * Please refer to the instructions for Part 1. Please provide any other information that will help the Assessor understand the nature of the transfer. IIuuII IIII pIIII THIS DOCUMENT IS NOT SUBJECT TO PUBLIC INSPECTION III IIIIYII�lullllllllllllllll A002-213 EF -502A -R01-1013-0 17-1 EF -502A -ROI -1013-0 BOE -502-A (P2) REV. 12 (05-13) PART 2. OTHER TRANSFER INFORMATION Check and complete as applicable. A Date of transfer, if other than recording date: B. Type of transfer: Purchase ❑ Foreclosure ❑ Gift ❑ Trade or exchange ❑ Merger, stock, or partnership acquisition (Form BOE -100-B) ❑ Contract of sale. Date of contract: ❑ Inheritance. Date of death: ❑ Sale/leaseback ❑ Creation of a lease ❑ Assignment of a lease ❑ Termination of a lease. Date lease began: term in years (including written options): _ Original term in years (includin wri ten options): Other. Please explain: C4,N. of 9ALt O C. Only a partial interest in the property was transferred. ❑YES ❑✓ NO If YES, indicate the percentage transferred: Lo PART 3. PURCHASE PRICE AND TERMS OF SALE Check and complete as applicable. A. Total purchase price B. Cash down payment or value of trade or exchange excluding closing costs Amount $ C. First deed of trust @ 5'o interest for _ years. Monthly payment $ Amount $ ❑ FHA C—Discount Points) ❑ Cal -Vet ❑ VA(—Discount Points) ❑ Fixed rate ❑ Variable rale ❑ Bank/savings & Loanicredit Union ❑ Loan carried by seller ❑ Balloon payment $ Due date: D. Second deed of trust @ °/u interest for _ years. Monthly payment $ Amount $ ❑ Fixed rate ❑ Variable rate ❑ Bank/Savings & Loan/Credit Union ❑ Loan carried by seller ❑ Balloon payment $ Due date: E. Was an Improvement Bond or other public financing assumed by the buyer? –]YES ❑ NO Outstanding balance $ F. Amount, if any, of real estate commission fees paid by the buyer which are not included in the purchase price $ G. The property was purchased: ❑Through real estate broker. Broker name: Phone number: ( ) ❑ Direct from seller ❑ From a family member -Relationship ❑ Other. Please explain: H. Please explain any special terms, seller concessions, broker/agent fees waived, financing, and any other information (e.g.. buyer assumed the existing loan balance) that would assist the Assessor in the valuation of your property. PART 4. PROPERTY INFORMATION Check and complete as applicable A. Type of property transferred ❑ Single-family residence ❑ Co-op/Own-your-own ❑ Manufactured home ❑ Multiple -family residence. Number of units:_ ❑ Condominium ❑ Unimproved lot ❑ Other. Description: (i.e., timber, mineral, water rights, etc.) ❑ Timeshare ❑✓ Commercial/Industrial B. ❑YES❑ NO Personal/business property, or incentives, provided by seller to buyer are included in the purchase price. Examples of personal property are furniture, farm equipment, machinery, etc. Examples of incentives are club memberships, etc -Attach list if available. If YES, enter the value of the personal/business property: $ Incentives $ C. ❑YES © NO A manufactured home is included in the purchase price. If YES, enter the value attributed to the manufactured home: $ ❑YES ❑✓ NO The manufactured home is subject to local property tax. If NO, enter decal number: D. ❑YES ❑ NO The property produces rental or other income. If YES, the income is from: ❑ Lease/rent ❑ Contract ❑ Mineral rights ❑ Other: E. The condition of the property at the time of sale was: []Good Please describe: ❑Average []Fair ❑Poor CERTIFICATION i certify (or declare) that the foregoing and all information hereon, including any accompanying statements or documents, is true and correct to the best of my knowledge and belief. ill� I September 9, 2014 ( 949 ) 644-3001 Dave Kiff The Assessor's office may contact you for additional IIIIIIIIIIIIIIq IIIIIIIIIIIII'IIIIIIIIIIIIIIIIIIIII A002-213 EF -SGP -RWAMM City Attorney j )� RECORDER. (PURSUANT TO SECTION 11934 R&T CODE AND COUNTY OF ORANGE ORDINANCE NO. 2183) kl 5 Cbh �� ( S TO: GARY GRANVILLE 0.01 ti Sl� bYl CJr �� e ORANGE COUNTY RECORDER 0-yi �X VVE O VI WLP�t ) k,Wt�. T Cod flg2Z REQUEST IS HEREBY MADE IN ACCORDANCE WITH THE PROVISIONS OF THE DOCUMENTARY STAMP ACT THAT STAMPS BE AFFIXED TO THIS FORM FOR LATER AFFIXING TO THE ACCOMPANYING DOCUMENT WHICH PROPERTY DESCRIBED IN THE ACCOMPANYING DOCUMENT IS LOCATED IN. UImo)7r)9A R_ ncvl THE UNDERSIGNED DECLARES THAT THE DOCUMENTARY TRANSFER TAX PAYABLE ON THE ACCOMPANYING DOCUMENT IS $ 0, (' C' COMPUTED ON FULL VALUE OF PROPERTY CONVEYED. COMPUTED ON FULL VALUE LESS LIENS AND ENCUMBRANCES REMAINING AT THE TIME OF SALE. STAMPS ARE AFFIXED IN SAID AMOUNT. N• NOTE: AFTER THE PERMANENT RECORD IS MADE, THIS FORM WILL BE AFFIXED TO THE CONVEYING DOCUMENT AND RETURNED WITH IT. McDonald, Cristal From: Sent: To: Subject: Leonie Mulvihill Assistant City Attorney Mulvihill, Leonie Tuesday, October 21, 2014 4:41 PM McDonald, Cristal FW: If 4706783 - Monday closing ? - Sale of 3201 Newport Blvd, Newport Beach, CA City Attorney's Office I City of Newport Beach 100 Civic Center Drive, 2nd Floor, Bay E Newport Beach, CA 92660 949-644-3131 1949-644-3139 Fax LMulvihill@newportbeachca.gov THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH ITIS ADDRESSED AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL, AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAWS. If the reader of this message is not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution, forwarding, or copying of this communication is strictly prohibited. If you have received this communication in error, please notify the sender immediately by e-mail or telephone, and delete the original message immediately. Thank you. From: Hooks, Matt [mailto:mhooks@firstam.com] Sent: Monday, October 06, 2014 4:28 PM To: Mulvihill, Leonie; 'Nicolas Ramniceanu'; Reardon, Erin Cc: Benavente, Robert; 'Kent Jorgensen'; 'Bruce Meyer'; 'Evan Meyer'; 'Ben Pourrabbani'; 'Natalie De Laguarigue'; 'Lynn Kreinman'; Ron Resch Subject: RE: Al 4706783 - Monday closing ? - Sale of 3201 Newport Blvd, Newport Beach, CA Understood, thank you Leonie. Thanks, Matt Hooks Commercial Title Officer A FirstAmerican Company Single Point of contact for all your local and national real estate needs First American Title Insurance Company National Commercial Services 3281 E. Guasti Road, Suite 440 Ontario, CA 91761 www.firstam,com/ncs I NYSE:FAF Tel: (909) 510-6207 Email: mhooks(&firstam.com Visit us at www.ncs.firstam.com/socal From: Mulvihill, Leonie [mailto:LMulvihillColnewportbeachca.g Sent: Monday, October 06, 2014 4:22 PM To: 'Nicolas Ramniceanu'; Reardon, Erin Cc: Hooks, Matt; Benavente, Robert; 'Kent Jorgensen'; 'Bruce Meyer'; 'Evan Meyer'; 'Ben Pourrabbani'; 'Natalie De Laguarigue'; 'Lynn Kreinman'; Ron Resch Subject: RE: # 4706783 - Monday closing ? - Sale of 3201 Newport Blvd, Newport Beach, CA I just spoke with Matt Hooks, While I understand why this is approach is being taken, this will confirm the City's understanding that this transaction is absolutely a matter of public record. Leonie Mulvihill Assistant City Attorney 100 Civic Center Drive Newport Beach, CA 92658-8915 Tel(949)644-3131 Fax (949) 723-3519 LMu Ivihi II@ newportbeachca.eov THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL, AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAWS. If the reader of this message is not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution, forwarding, or copying of this communication is strictly prohibited. If you have received this communication in error, please notify the sender immediately by e-mail or telephone, and delete the original message immediately. Thank you. From: Nicolas Ramniceanu [ma ilto:nram niceanuCcbrpblaw.com] Sent: Monday, October 06, 2014 4:05 PM To: 'Reardon, Erin'; Mulvihill, Leonie Cc: 'Hooks, Matt'; 'Benavente, Robert'; 'Kent Jorgensen'; 'Bruce Meyer'; 'Evan Meyer'; 'Ben Pourrabbani'; 'Natalie De Laguarigue'; 'Lynn Kreinman'; Ron Resch Subject: RE: # 4706783 - Monday closing ? Sale of 3201 Newport Blvd, Newport Beach, CA Yes, nick From: Reardon, Erin lmailto:ereardon@firstam.com] Sent: Monday, October 06, 2014 3:57 PM To: Mulvihill, Leonie; Nicolas Ramniceanu Cc: Hooks, Matt; Benavente, Robert; Kent Jorgensen; Bruce Meyer; Evan Meyer; Ben Pourrabbani; Natalie De Laguarigue; Lynn Kreinman; Ron Resch Subject: RE: # 4706783 - Monday closing ? - Sale of 3201 Newport Blvd, Newport Beach, CA Hi Leonie and Nick, I just received word that the County pulled the recording because they don't like the fact that the I" page is showing the purchase price but does not have a transfer tax. Can we get authorization from you to remove the purchase price on the first page and insert "not of public record"? Please advise when you get a moment. Thank you, AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY AND ESCROW INSTRUCTIONS Escrow No. Date of Opening of Escrow: 2014 To: First American Title Company ("Escrow Holder") Attention: Telephone: THIS AGREEMENT FOR PURCHASE AND SAREA P�RTY AND ESCROW INSTRUCTIONS (this "Agreement") is entered into this y of 2014 (the "Effective Date") by and between the City of Newport Beach, a Municipal c oration and Charter City (hereinafter called "Buyer" or "City'), and Lido Pacific, LLC, a California Limited Liability Company (hereinafter called "Seller") for acquisition by Buyer of certain real property hereinafter set forth. RECITALS: A. Seller is the owner of that certain real property commonly known as 3201 Newport Boulevard (APN 423 102 03) and 3204 Marcus Avenue (APN 423 382 05), located in the City of Newport Beach, County of Orange, State of California, more particularly described on Exhibit "A" attached hereto and by this reference incorporated herein, together with all improvements now or hereafter constructed thereon, all easements, licenses and interests appurtenant thereto and all intangible property owned or held by Seller in connection with such real property, including without limitation, development rights, governmental approvals and land entitlements (collectively referred to herein as the "Property"). B. City has the authority to acquire property for public uses utilizing City's power of eminent domain. In lieu of City's exercise of said power and under the threat thereof, Seller is willing to sell the Property to City and City is willing to purchase the Property from Seller, upon the terms and conditions set forth in this Agreement. NOW, THEREFORE, the parties hereto agree as follows: TERMS AND CONDITIONS 1. PURCHASE AND SALE OF PROPERTY. Seller agrees to sell to Buyer, under threat of Buyer's exercise of its power of eminent domain, and Buyer agrees to purchase from Seller, upon the terms and for the consideration set forth in this Agreement, the Property. 2. PURCHASE PRICE. The total purchase price for the Property, which includes the value of the land and improvements is Six Million Three Hundred Fifty Thousand Dollars ($6,350,000) ("Purchase Price"). Al2-00902 7.29.14 LM 1- 3. CONVEYANCE OF TITLE. 3.1 Preliminary Title Report. Following execution of this Agreement but in no event later than five (5) days following opening of Escrow, City shall obtain a preliminary title report issued through First American Title Company (the "Title Company"), describing the state of title of the Property, (the "Preliminary Title Report") together with copies of all exceptions specified therein. City shall notify Seller in writing of any objections City may have to title exceptions or other matters ("Disapproved Exceptions") contained in the Preliminary Title Report within ten (10) business days after issuance of the Preliminary Title Report ("City's Objection Notice"). City shall not unreasonably withhold its approval of the Preliminary Title Report. If City fails to deliver City's Objection Notice within said ten (10) business day period, City shall be conclusively deemed to have approved the Preliminary Title Report and all matters shown thereon. In the event City delivers City's Objection Notice within said period, Seller shall have a period of ten (10) business days after receipt of City's Objection Notice in which to notify City of Seller's election to either (i) agree to attempt to remove the Disapproved Exceptions prior to the Close of Escrow; or (ii) decline to remove any such Disapproved Exceptions ("Seller's Notice"). Seller shall only elect to decline to remove Disapproved Exceptions which Seller in good faith believes Seller's reasonable efforts would not result in removal or as to which removal would result in cost or expense to Seller other than nominal administrative expense incurred in the process of removal. Seller's failure to deliver Seller's Notice within said ten (10) business day period shall be deemed Seller's election to decline to remove the Disapproved Exceptions. If Seller notifies City of its election to decline to remove the Disapproved Exceptions, if Seller is deemed to have elected to decline to remove the Disapproved Exceptions or if Seller is unable to remove the Disapproved Exceptions, City may elect either to terminate this Agreement and the Escrow or to accept title to the Property subject to the Disapproved Exception(s). City shall exercise such election by delivery of written notice to Seller and Escrow Holder within ten (10) business days following the earlier of (i) the date of written advise from Seller that such Disapproved Exception(s) cannot be removed; or (ii) the date Seller declines or is deemed to have declined to remove such Disapproved Exception(s). If City fails to deliver said written notice of termination of this Agreement and the Escrow within said ten (10) business day period, City's disapproval of the Disapproved Exception(s) shall be deemed waived and City shall deemed to have agreed to accept title to the Property subject to the Disapproved Exception(s). 3.2 Notwithstanding Paragraph 3.1, Buyer has been notified of, and approves the exceptions set forth in Exhibit C attached hereto and incorporated herein by this reference (the "Approved Exceptions"). For the avoidance of doubt, the deed of trust referenced as item 12 in Exhibit C and recorded on August 8, 2007 as instrument number 2007-000499410 is agreed to be a Disapproved Exception, which Seller has further agreed to remove prior to the Close of Escrow. Accordingly, City need not give a City's Objection Notice regarding such deed of trust. 3.3 It shall be a condition of the close of escrow, for the benefit of Buyer, that Escrow Holder be irrevocably committed, at the close of escrow and, following recording of a deed in favor of the City in the form attached hereto as Exhibit B and incorporated herein by this reference (the "Deed"), to provide the City, at Buyer's cost, with a CLTA Standard Coverage Policy of Title Insurance in the amount of $6,350,000 issued by First American Title Company showing the title to the Property vested in Buyer, subject only to the Approved Exceptions, any exceptions approved by City pursuant to Paragraph 3. 1, and the preprinted exceptions and stipulations in said policy (the "Title Policy'). Al2-00902 7.29.14 LM -2- 4. DUE DILIGENCE PERIOD. Commencing upon the Opening of Escrow and continuing thereafter for forty-five (45) days (the, "Due Diligence Period"), Buyer, its agents, and employees shall: (a) examine and inspect the Property and will know and be satisfied with the physical condition, quality, quantity and state of repair of the Property in all respects and by proceeding to Closing, Buyer shall be deemed to have determined that the same is satisfactory to Buyer; (b) review all instruments, records and documents which Buyer deems appropriate or advisable to review in connection with this transaction, including, but not by way of limitation, any and all plans, specifications, surveys, environmental assessments and reports, and Buyer, by proceeding to Closing, shall be deemed to have determined that the same and the information and data contained therein and evidenced thereby are satisfactory to Buyer; (c) review all applicable laws, ordinances, rules and governmental regulations (including those relating to building, zoning and land use) affecting the development, use, occupancy or enjoyment of the Property, and Buyer, by proceeding to Closing, shall be deemed to have determined that the same are satisfactory to Buyer; and (d) at its own cost and expense, made its own independent investigation respecting the Property and all other aspects of this transaction, and shall have relied thereon and on the advice of its consultants in entering into this Agreement, and Buyer, by proceeding to Closing, shall be deemed to have determined that the same are satisfactory to Buyer. If during the Due Diligence Period, Buyer determines that the condition of the Property is such that Buyer no longer desires to acquire the Property, Buyer shall provide written notice of its election to terminate this Agreement, which written notice must be received by the Seller on or before the expiration of the Due Diligence Period. Should Buyer fail to provide written notice of its election to terminate this Agreement Buyer shall be conclusively determined to have accepted the condition of the Property 5. ESCROW. Buyer and Seller agree to open an escrow in accordance with this Agreement at an escrow company of Buyer's choice within ten (10) days of execution of this Agreement by both parties. This Agreement constitutes the joint escrow instructions of the Buyer and Seller, and Escrow Holder to whom these instructions are delivered is hereby empowered to act under this Agreement. The parties hereto agree to perform all acts reasonably necessary to close this escrow if, as and when required hereby. Seller shall execute and deliver the Deed to Escrow Holder promptly following the giving of any Notice of Lease Contingency Satisfaction (as defined below). Buyer agrees to deposit the purchase in sufficient time to permit the close of escrow to occur in a timely manner. Buyer and Seller agree to deposit with Escrow Holder any additional instruments as may be reasonably necessary to complete this transaction. All funds received in this escrow shall be deposited with other escrow funds in a general escrow account(s) and may be transferred to any other such escrow trust account in any State or National Al2-00902 7.29.14 LM -3- Bank doing business in the State of California. All disbursements shall be made by check from such account; provided, however, that Escrow Holder shall make any disbursement to Seller in accordance with the following wire transfer instructions: Wells Fargo Bank 433 N. Camden Drive, Suite 1200 Beverly Hills, CA 90210 Attn: Linda Rasheed ABA/Routing #122000247 Benefiting Account Name: Lido Pacific, LLC Beneficiary Account No.: 7808856582 For further credit or reference to: Sale of 3201 Newport Blvd. 6. ESCROW HOLDER IS AUTHORIZED TO AND SHALL: a. Pay and deduct from the Purchase Price any amount necessary to satisfy any delinquent taxes together with penalties and interest thereon, and/or delinquent or non - delinquent assessments or bonds except those which title is to be taken subject to in accordance with the terms of this Agreement; b. Pay and deduct from the Purchase Price set forth, up to and including the total amount of unpaid principal and interest on note(s) secured by mortgage(s) or deed(s) of trust, if any, and all other amounts due and payable in accordance with terms and conditions of said trust deed(s) or mortgage(s) including late charges, if any except penalty (if any), for payment in full in advance of maturity, shall, upon demand(s) be made payable to the mortgagee(s) or beneficiary(ies) entitled there under; C. Pay and charge Buyer for all recording fees incurred in this transaction including payment of reconveyance fees and forwarding fees for partial or full reconveyances of deeds of trust or release or mortgage by Buyer; d. Pay and charge Buyer for any escrow fees, charges, and costs payable under Section 6 of this Agreement; e. Prorate, as between Buyer and Seller, real estate taxes through the close of escrow and rent under the Lease (as defined below) through the close of escrow, with Buyer to be charged with and have the benefit of the day of the close of escrow. f. Disburse funds in accordance with this Agreement, record the Deed in the Official Records of the County Recorder of Orange County, California, and immediately following such recordation, date the Lease Termination Notice (as defined below) as of the date of close of escrow and immediately deliver it, as so dated, to Tenant (as defined below) in accordance with the terms of the Lease Termination Notice, all when conditions of this escrow have been fulfilled by Buyer and Seller. M The term "close of escrow,' instructions, shall mean the date necessary instruments of conveyance are recorded Official Records office of the County Recorder of Orange County, California, and all if and where written in Al2-00902 7.29.14 LM -4- these in the funds have been disbursed to Seller in accordance with this Agreement. Recordation of instruments delivered through this escrow is authorized if necessary or proper in the issuance of the Title Policy. h. All time limits within which any matter herein specified is to be performed may be extended by mutual agreement of the parties hereto. Any amendment of, or supplement to, any instructions must be in writing. 7. ESCROW FEES, CHARGES AND COSTS. Buyer agrees to pay all Buyer's and Seller's usual fees, charges, and costs which arise in this escrow. 8. CONDITIONS PRECEDENT TO CLOSE OF ESCROW. 8.1 Conditions to City's Obligations. The obligations of City under this Agreement shall be subject to the satisfaction or written waiver, in whole or in part, by City of each of the following conditions precedent: a. Title Company will issue the Title Policy as required by Section 3 of this Agreement insuring title to the Property vested in City. b. Escrow Holder holds and will deliver to City the instruments and funds, if any, accruing to City pursuant to this Agreement. G. Seller has delivered all documents required to be delivered by Seller under this Agreement. d. All representations and warranties specified in Section 12 are true and correct. e. City's approval of any other conditions specified in this Agreement for City's Benefit. f. City shall have received from Seller a copy of (i) an agreement, upon terms and conditions acceptable to Seller in Seller's sole discretion, between Seller and Wells Fargo Bank, N.A. ("Tenant") that terminates that certain Retail Branch Lease, dated as of March 15, 2007, for the Property under which Seller is the successor landlord and Tenant is the successor tenant (such lease, if and as the same may have been amended from time to time, the "Lease") effective as of a date before the Close of Escrow (a "Pre -Closing Lease Termination Agreement:") 8.2 Conditions to Seller's Obligations. The obligations of Seller under this Agreement shall be subject to the satisfaction or written waiver, in whole or in part, by Seller of each of the following conditions precedent: a. Escrow Holder holds and will deliver to Seller the instruments and funds accruing to Seller pursuant to this Agreement. b. Seller, in Seller's sole discretion, will have entered into a Pre - Closing Lease Termination Agreement with Tenant. Al2-00902 7.29.14 LM -5- 9. CLOSE OF ESCROW. Time is of the essence in these instructions. Subject to satisfaction of the conditions in Section 8, Escrow is to close on or before the date occurring 50 days following the date on which Buyer has delivered a countersigned copy of this Agreement to Seller ("Closing Date"), unless such date is extended by mutual written agreement by both Buyer and Seller. 10. FULL AND COMPLETE SETTLEMENT. Buyer desires to acquire the Property for the purpose of completing the Newport Blvd and 32nd Street Intersection Improvement Project ("Project"). Seller hereby acknowledges that the compensation paid to Seller through this Agreement constitutes the full and complete settlement of any and all claims against Buyer. 11. PERMISSION TO ENTER ON PREMISES. Subject to the rights of Tenant under the Lease, Seller hereby grants to Buyer, its authorized agents or contractors the right to enter upon the Property upon 48 hours prior written notice to make necessary and reasonable inspections; provided, however, that (i) in no event shall any invasive testing be permitted, and (ii) in no event shall Buyer contact Tenant or any of Tenant's representatives, either orally or in writing, regarding the Property. 12. RENTAL AND LEASEHOLD INTEREST. 12.1 Seller warrants that, except as may be permitted by any of the Approved Exceptions, and except with respect to the sign on the Property, (i) at close of escrow, there will be no third parties in possession of any portion of the Property as lessees, tenants at sufferance, or invitees, and (ii) there are no oral or written recorded or unrecorded leases or other agreements concerning all or any portion of the Property exceeding a period of one month. 12.2 Seller makes no representation or warranty, express or implied, whether, when or on what terms Seller may enter into a Pre -Closing Lease Termination Agreement. a. If Seller, in Seller's sole discretion, enters into a Pre -Closing Lease Termination Agreement, then Seller will promptly deliver a copy of the Pre -Closing Lease Termination Agreement to Buyer. b. If Seller has not delivered a copy of the Pre -Closing Lease Termination Agreement to Buyer within 30 days following the date on which Buyer has delivered a countersigned copy of this Agreement to Seller, then either party thereafter may terminate this Agreement at any time by written notice to the other; provided, however, that no such termination notice given by Buyer shall be of any force or effect if Seller nonetheless gives Buyer a copy of the Pre -Closing Lease Termination Agreement within one week after Seller's receipt of any such termination notice from Buyer. 13. WARRANTIES, REPRESENTATIONS, AND COVENANTS OF SELLER. 13.1 Seller hereby warrants, represents, and/or covenants to Buyer that: a. Seller has received no written notice of any actions, suits, material claims, legal proceedings, or any other proceedings affecting the Property or any portion Al2-00902 7.29.14 LM -6- thereof, at law, or in equity pending before any court or governmental agency, domestic or foreign. b. Until the closing, Seller shall not do anything which would impair Seller's title to any of the Property. C. Neither the execution of this Agreement nor the performance of the obligations herein will conflict with, or breach any of the provisions of any bond, note, evidence of indebtedness, contract, lease, or other agreement or instrument to which the Property may be bound. 13.2 Changed Circumstances. If Seller becomes aware of any fact or circumstance which would change or render incorrect, in whole or in part, any representation or warranty made by Seller under this Agreement, whether as of the date given or any time thereafter through the close of escrow and whether or not such representation or warranty was based upon Seller's knowledge and/or belief as of a certain date, Seller will give immediate written notice of such changed fact or circumstance to City. If Buyer receives any such written notice, then Buyer's sole right and remedy in respect thereof shall either be not to close escrow and terminate this Agreement or to close escrow and thereby be conclusively deemed to have waived any such representation or warranty no longer being true as set forth in such notice from seller. 14. EMINENT DOMAIN. City's purchase of the Property is for public purposes in connection with the "Newport Boulevard and 32nd Street Modification Project;" Contract #4881 (which contemplates, among other things, the acquisition of the Property and certain other privately owned parcels and the dedication of certain City -owned parcels), which project has been proposed by City, is the subject of that certain Notice of Intent to Adopt a Mitigated Negative Declaration, dated June 2014, and which will be considered by the City Council at a meeting to be held on September 9, 2014. This negotiated acquisition arose during City's investigations of the acquisition of the Property through eminent domain for the foregoing purpose. City has the authority to acquire property by eminent domain for public purposes. Seller has agreed to enter into this Agreement with City under the threat of City's exercise of its power of eminent domain. City has notified Seller that, in the event this negotiated sale did not occur, subject to and pending its completion of the necessary statutory procedures set forth in Government Code Section 7267 et seq., and Code of Civil Procedure Section 1230.010 et seq.; (i) City's staff is prepared to take the steps necessary to seek authorization from the City Council, and (ii) City's staff is prepared to recommend to the City Council initiation of the steps necessary to acquire the Property for public purposes pursuant to Government Code Section 7267 et seq., and Code of Civil Procedure Section 1230.010 et seq., including providing notice to Seller of its opportunity to be heard and to agendize, consider, and take action on a resolution of necessity under Code of Civil Procedure Section 1245.230 at seq. City's staff fully expects that the City Council would approve the acquisition of the Property through eminent domain. Nothing herein is intended to be, or serve as, any tax advice from City to Seller, and Seller is not in any way construing or relying on any communications or advice by City, or City's representations herein, in any way as any type of tax advice or opinion. Upon request, City shall provide Seller with a letter, separate and apart from this Agreement, restating the foregoing. 15. ENVIRONMENTAL CONDITION. To Seller's actual knowledge, but without duty of investigation, Seller, as of the Effective Date, is not required by any applicable laws and Al2-00902 7.29.14 LM -7- governmental regulations to take any action to remediate any environmental condition affecting the Property. 16. CONDITION OF PROPERTY; AS IS. 16.1 Disclaimer of Representations and Warranties by Seller. NOTWITHSTANDING ANYTHING CONTAINED IN THIS AGREEMENT TO THE CONTRARY, EXCEPT FOR THOSE REPRESENTATIONS AND WARRANTIES EXPRESSLY MADE BY SELLER IN THIS AGREEMENT OR IN ANY DOCUMENT TO BE DELIVERED BY SELLER AT CLOSING, IT IS UNDERSTOOD AND AGREED THAT NEITHER SELLER NOR ANY OF ITS RESPECTIVE AGENTS, REPRESENTATIVES, EMPLOYEES OR CONTRACTORS HAS MADE AND IS NOT NOW MAKING, AND BUYER HAS NOT RELIED UPON AND WILL NOT RELY UPON (DIRECTLY OR INDIRECTLY), ANY WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, WITH RESPECT TO THE PROPERTY, INCLUDING WITHOUT LIMITATION WARRANTIES OR REPRESENTATIONS AS TO (A) MATTERS OF TITLE, (B) ENVIRONMENTAL MATTERS RELATING TO THE PROPERTY OR ANY PORTION THEREOF, (C) GEOLOGICAL CONDITIONS, INCLUDING SUBSIDENCE, SUBSURFACE CONDITIONS, WATER TABLE, UNDERGROUND WATER RESERVOIRS, LIMITATIONS REGARDING THE WITHDRAWAL OF WATER AND EARTHQUAKE FAULTS AND THE RESULTING DAMAGE OF PAST AND/OR FUTURE EARTHQUAKES, (D) WHETHER, AND TO THE EXTENT TO WHICH, THE PROPERTY OR ANY PORTION THEREOF IS AFFECTED BY ANY STREAM (SURFACE OR UNDERGROUND), BODY OF WATER, FLOOD PRONE AREA, FLOOD PLAIN, FLOODWAY OR SPECIAL FLOOD HAZARD, (E) DRAINAGE, (F) SOIL CONDITIONS, INCLUDING THE EXISTENCE OF INSTABILITY, PAST SOIL REPAIRS, SOIL ADDITIONS OR CONDITIONS OF SOIL FILL, OR SUSCEPTIBILITY TO LANDSLIDES, OR THE SUFFICIENCY OF ANY UNDERSHORING, (G) ZONING TO WHICH THE PROPERTY OR ANY PORTION THEREOF MAY BE SUBJECT, (H) THE AVAILABILITY OF ANY UTILITIES TO THE PROPERTY OR ANY PORTION THEREOF INCLUDING WATER, SEWAGE, GAS AND ELECTRIC, (1) USAGES OF ADJOINING PROPERTY, (J) ACCESS TO THE PROPERTY OR ANY PORTION THEREOF, (K) THE VALUE, COMPLIANCE WITH THE PLANS AND SPECIFICATIONS, SIZE, CONFIGURATION, LOCATION, AGE, USE, DESIGN, QUALITY, DESCRIPTIONS, SUITABILITY, SEISMIC OR OTHER STRUCTURAL INTEGRITY, OPERATION, TITLE TO, OR PHYSICAL OR FINANCIAL CONDITION OF THE IMPROVEMENTS OR ANY OTHER PORTION OF THE PROPERTY, (L) ANY INCOME, EXPENSES, CHARGES, LIENS, ENCUMBRANCES, RIGHTS OR CLAIMS ON, AFFECTING, ARISING FROM OR RELATING TO THE PROPERTY OR ANY PART THEREOF, (M) THE PRESENCE OF HAZARDOUS SUBSTANCES IN OR ON, UNDER OR IN THE VICINITY OF THE PROPERTY, (N) THE CONDITION OR USE OF THE PROPERTY OR COMPLIANCE OF THE PROPERTY WITH ANY OR ALL PAST, PRESENT OR FUTURE FEDERAL, STATE OR LOCAL ORDINANCES, RULES, REGULATIONS OR LAWS, BUILDING, FIRE OR ZONING ORDINANCES, CODES OR OTHER SIMILAR LAWS, (0) THE EXISTENCE OR NON-EXISTENCE OF UNDERGROUND STORAGE TANKS, (P) ANY OTHER MATTER AFFECTING THE STABILITY OR INTEGRITY OF THE REAL PROPERTY, (Q) THE POTENTIAL FOR FURTHER DEVELOPMENT OF THE PROPERTY, (R) THE EXISTENCE OF VESTED LAND USE, ZONING OR BUILDING ENTITLEMENTS AFFECTING THE PROPERTY, OR (S) THE MERCHANTABILITY OF THE PROPERTY OR FITNESS OF THE PROPERTY FOR ANY PARTICULAR PURPOSE (BUYER AFFIRMING THAT BUYER HAS NOT RELIED ON THE SKILL OR JUDGMENT OF SELLER OR ANY OF ITS RESPECTIVE Al2-00902 7.29.14 LM -8- AGENTS, EMPLOYEES OR CONTRACTORS TO SELECT OR FURNISH THE PROPERTY FOR ANY PARTICULAR PURPOSE, AND THAT SELLER MAKES NO WARRANTY THAT THE PROPERTY IS FIT FOR ANY PARTICULAR PURPOSE). 16.2 Sale "As Is." BUYER REPRESENTS AND WARRANTS THAT BUYER IS A KNOWLEDGEABLE, EXPERIENCED AND SOPHISTICATED BUYER OF REAL ESTATE AND THAT, EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, BUYER HAS RELIED AND SHALL RELY SOLELY ON (A) BUYER'S OWN EXPERTISE AND THAT OF BUYER'S CONSULTANTS PERTAINING TO DUE DILIGENCE AND OTHERWISE RELATING TO EVALUATING THE PURCHASE OF THE PROPERTY AND ITS OPERATIONS, AND (B) BUYER'S OWN KNOWLEDGE OF THE PROPERTY BASED ON BUYER'S INVESTIGATIONS AND INSPECTIONS OF AND DUE DILIGENCE REGARDING THE PROPERTY AND ITS OPERATIONS. BUYER HAS CONDUCTED SUCH INSPECTIONS AND INVESTIGATIONS OF THE PROPERTY AND ITS OPERATIONS AS BUYER DEEMS NECESSARY, INCLUDING WITHOUT LIMITATION THE PHYSICAL, ENVIRONMENTAL AND OPERATING CONDITIONS THEREOF, AND SHALL RELY UPON SAME. UPON CLOSING, BUYER SHALL ASSUME THE RISK THAT ADVERSE MATTERS, INCLUDING WITHOUT LIMITATION ADVERSE PHYSICAL, ENVIRONMENTAL AND OPERATING CONDITIONS, MAY NOT HAVE BEEN REVEALED BY BUYER'S INSPECTIONS AND INVESTIGATIONS. BUYER ACKNOWLEDGES AND AGREES THAT UPON CLOSING, SELLER SHALL SELL AND CONVEY TO BUYER AND BUYER SHALL ACCEPT THE PROPERTY "AS IS, WHERE IS," WITH ALL FAULTS AND DEFECTS (LATENT AND APPARENT). BUYER FURTHER ACKNOWLEDGES AND AGREES THAT THERE ARE NO ORAL OR WRITTEN AGREEMENTS, WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE PROPERTY OR OTHERWISE RELATING IN ANY WAY TO THE TRANSACTION THAT IS THE SUBJECT TO THIS AGREEMENT MADE BY SELLER (OTHER THAN THOSE REPRESENTATIONS AND WARRANTIES EXPRESSLY MADE BY SELLER IN THIS AGREEMENT OR IN DOCUMENTS DELIVERED BY SELLER AT CLOSING), OR BY ANY AGENT, EMPLOYEE, CONTRACTOR, OR BROKER OF SELLER. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, BUYER FURTHER ACKNOWLEDGES AND AGREES THAT NO SELLER COMMENTS SHALL CONSTITUTE ANY SUCH ORAL OR WRITTEN AGREEMENTS, WARRANTIES OR REPRESENTATIONS OF THE SORT DESCRIBED IN THE IMMEDIATELY PRECEDING SENTENCE. EXCEPT FOR THE REPRESENTATIONS, WARRANTIES AND COVENANTS EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN DOCUMENTS DELIVERED BY SELLER AT CLOSING, UPON CLOSING BUYER RELEASES SELLER AND THE INDIVIDUALS AND ENTITIES AFFILIATED WITH SELLER FROM ANY AND ALL KNOWN AND UNKNOWN CLAIMS, COSTS, DAMAGES, LIABILITIES AND LOSSES OF ANY KIND OR NATURE WHATSOEVER WHICH BUYER MAY HAVE OR CLAIM TO HAVE, WHETHER NOW OR IN THE FUTURE, ARISING OUT OF OR RELATING TO THE PROPERTY AND THIS AGREEMENT. NOTWITHSTANDING THE BROAD NATURE OF THE FOREGOING RELEASE, SUCH RELEASE IS NOT INTENDED TO RELEASE SELLER FROM LIABILITY FOR ANY LIABILITIES IMPOSED BY STATE OR FEDERAL LAWS, RULES, OR REGULATIONS, OR INTENTIONAL MISREPRESENTATION IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED BY THE TERMS OF THIS AGREEMENT. THE TERMS AND CONDITIONS OF THIS SECTION 14 SHALL EXPRESSLY SURVIVE THE CLOSING, SHALL NOT MERGE WITH THE PROVISIONS OF THE DEED OR ANY OTHER CLOSING DOCUMENTS AND SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE INTO THE DEED. BUYER ACKNOWLEDGES THAT THE PURCHASE PRICE REFLECTS THE "AS IS" NATURE OF THIS SALE AND ANY FAULTS, LIABILITIES, DEFECTS OR OTHER ADVERSE MATTERS THAT MAY BE ASSOCIATED WITH THE Al2-00902 7.29.14 LIM 9- PROPERTY. BUYER HAS FULLY REVIEWED THE DISCLAIMERS AND WAIVERS SET FORTH IN THIS AGREEMENT WITH BUYER'S COUNSEL AND UNDERSTANDS THE SIGNIFICANCE AND EFFECT THEREOF. 17. NOTICES. Any notice which either party may desire to give to the other party or to the Escrow Holder must be in writing and shall be effective upon delivery if sent via overnight mail with tracking; upon delivery, if delivered by confirmed facsimile or email (with a back up sent by first class mail); when personally delivered, if sent postage prepaid by registered or certified mail, return receipt requested; three (3) business days after deposit in the United States mail, registered, certified, postage fully prepaid and addressed to the respective parties as set forth below or to such other address and to such other persons as the parties may hereafter designate by written notice to the other parties hereto: To Seller: Lido Pacific LLC C/O Bruce Meyer 441 N. Beverly Dr. #207 Beverly Hills, CA 90210 Attn: Bruce Meyer Copy to: Resch Polster & Berger LLP 1840 Century Park East, 17th Floor Los Angeles, CA 90067 Attn: Real Estate Notices (RMR/NR) To City: City of Newport Beach 100 Civic Center Drive P.O. Box 1768 Newport Beach, CA 92660 Attn: Andy Tran Copy to: City Attorney City of Newport Beach 100 Civic Center Drive P.O. Box 1768 Newport Beach, CA 92660 18. COUNTERPARTS. This agreement may be executed in counterparts, each of which so executed shall, irrespective of the date of its execution and deliver); be deemed an original, and all such counterparts together shall constitute one and the same instrument. 19. CONTINGENCY. It is understood and agreed between the parties hereto that the completion of this transaction, and the escrow created hereby, is contingent upon the specific acceptance and approval of the Buyer herein. The execution of these documents and the delivery of same to Escrow Holder constitute said acceptance and approval. Al2-00902 7.29.14 LM -10- 20. QUALIFICATION: AUTHORITY. Each party represents and warrants that it is duly formed, is authorized to do business in the state in which the Property is located and that it has been duly authorized to enter into and perform this Agreement. 21. NO WAIVER. No delay or omission by either party hereto in exercising any right or power accruing upon the compliance or failure of performance by the other party hereto under the provisions of this Agreement shall impair any such right or power or be construed to be a waiver thereof. A waiver by either party hereto of a breach of any of the covenants, conditions or agreements hereof to be performed by the other party shall not be construed as a waiver of any succeeding breach of the same or other covenants, agreements, restrictions or conditions hereof. 22. COVENANTS TO SURVIVE ESCROW. The representations, warranties, covenants and agreements contained herein shall survive the close of escrow and shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 23. NO WITHHOLDING BECAUSE OF NON -FOREIGN SELLER. Seller represents and warrants to City that Seller is not, and as of the close of escrow will not be, a foreign person within the meaning of Internal Revenue Code Section 1445 and that it will deliver to City on or before the Close of Escrow the Non -Foreign Affidavit as described hereinabove, pursuant to Internal Revenue Code Section 1445(b)(2) and the Regulations promulgated thereunder. 24. NO BROKERS. Buyer and Seller each represents to the other that no brokers have been involved in this transaction. Buyer and Seller agree to indemnify one another against any claim, suits, damages and costs incurred or resulting from the claims of any person for any fee or remuneration due in connection with this transaction pursuant to a written agreement made with said claimant. 25. JURISDICTION AND VENUE. This Agreement shall be governed by and constructed in accordance with the laws of the State of California. The parties consent to the jurisdiction of the California Courts with venue in Orange County. 26. ASSIGNMENT. The terms and conditions, covenants, and agreements set forth herein shall apply to and bind the heirs, executors, administrators, assigns and successors of the parties hereto. 27. COOPERATION. Each party agrees to cooperate with the other in the closing of this transaction and, in that regard, to sign any and all documents which may be reasonably necessary, helpful, or appropriate to carry out the purposes and intent of this Agreement including, but not limited to, releases or additional agreements. 28. SEVERABILITY CLAUSE. If any portion of this Agreement is declared invalid, illegal, or otherwise unenforceable by a court of competent jurisdiction, the remaining provisions shall continue in full force and effect. 29. ATTORNEYS FEES. In the event of any controversy, claim or dispute relating to this Agreement or any breach thereof, the prevailing party shall be entitled to recover its attorney (s) fees, costs, and expenses, whether or not the matter is prosecuted to final Al2-00902 7.29.14 LM 11- judgment. Attorney (s) fees shall include all costs, expert witness fess, and all other reasonable expenses. 30. ENTIRE AGREEMENT, WAIVER AND MODIFICATION. This Agreement is the entire Agreement between the parties with respect to the subject matter of this Agreement. It supersedes all prior agreements and understandings, whether oral or written, between the parties with respect to the matters contained in this Agreement. Any waiver, modification, consent or acquiescence with respect to any provision of this Agreement shall be set forth in writing and duly executed by or on behalf of the party to be bound thereby. No waiver by any party of any breach hereunder shall be deemed a waiver of any other or subsequent breach. 31. CITY AUTHORIZATION. The City Manager of the City of Newport Beach is hereby authorized, on behalf of the City, to sign all documents necessary and appropriate to carry out and implement this Agreement and to administer the City's obligations, responsibilities and duties to be performed under this Agreement. IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year set forth hereinabove. [SIGNATURES ON NEXT PAGE] Al2-00902 7.29.14 LM -12- SELLER Lido Pacife,�M,a Calyfornia limited liability By: \ \ U "'/' BrucEW6yer�-ifs manager Date: 2014 BUYER Cit Beach Rush N. Hill, II, Mayor Approved as to form: V� City Attorney Ll Al2-00902 7.29.14 LM -13- W'MTOYAv% The land referred to in this report is situated in the County of Orange, State of California, and is described as follows: Parcel A: Parcel 2 of Parcel Map No. 2000-241, in the City of Newport Beach, County of Orange, State of California, as shown on a map filed in Book 323, Pages 21 and 22 of Parcel Maps, in the Office of the County Recorder of said County. Parcel B: Parcel 1 as shown on a map filed in Book 57, Page 4 of Parcel Maps, in the Office of the County Recorder of said County. Assessor's Parcel Number(s): 423-382-05 and 423-102-03 Al2-00902 7.29.14 LM -14- *cn lriiiii GRANT DEED WITNESSETH: FOR AND IN CONSIDERATION of the sum of Six Million Three Hundred Fifty Thousand and 00/100 Dollars ($6,350,000) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lido Pacific LLC, a California limited liability company (hereinafter "Grantor"), whose address is 441 N. Beverly Drive, #207, Beverly Hills, CA, Attn: Bruce Meyer, hereby grants to the City of Newport Beach, a Municipal corporation and Charter City (hereinafter "Grantee'), whose address is 100 Civic Center Drive, P.O. Box 1768, Newport Beach, CA, Attn: Andy Tran, the lots, tracts, or parcels of land or real property lying, being, and situated in the City of Newport Beach, County of Orange, State of California, more particularly described in Exhibit A attached hereto and incorporated herein by reference, together with all improvements thereon and fixtures affixed thereto and all privileges, easements, tenements and appurtenances thereon or in any way appertaining to such real property (collectively, the "Property"). THE PROPERTY IS CONVEYED TO GRANTEE SUBJECT TO: (a) all matters of record title; (b) all matters that would be revealed or disclosed in an accurate survey of the Property; (c) a lien not yet delinquent for taxes; and (d) a lien not yet delinquent for any general or special assessments against the Property. IN WITNESS WHEREOF, the undersigned has executed this Grant Deed as of 2014. GRANTOR LIDO PACIFIC, LLC, a California limited liability company By: Bruce Meyer, its manager STATE OF CALIFORNIA COUNTY OF LOS ANGELES On , 2014 before me, , a Notary Public, personally appeared Bruce Meyer, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument, and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Notary Public Al2-00902 7.29.14 LM -15- CERTIFICATE OF ACCEPTANCE This CERTIFICATE OF ACCEPTANCE is to certify that the interest in real property set forth in that certain Grant Deed by and between the City of Newport Beach, a California municipal corporation and charter city, as Grantee, and Lido Pacific, LLC, a California Limited Liability Company, as Grantor, for property located at 3201 Newport Boulevard (APN 423 102 03) and 3204 Marcus Avenue (APN 423 382 05), located in the City of Newport Beach is hereby accepted on June 30, 2014 by the undersigned officer on behalf of the City of Newport Beach pursuant to authority conferred by Resolution No. 1992-82 of the City Council adopted on July 27, 1992. The City of Newport Beach consents to the recordation of said document in the Office of the Recorder of Orange County, State of California. APPROVED AS TO FORM: OFFICE OF THE CITY ATTORNEY City Attorney ATTEST: By: Leilani I. Brown, City Clerk State of California County of ORANGE CITY OF NEWPORT BEACH, A Municipal Corporation By: David Kiff City Manager On , 2014 before me, , Notary Public, personally appeared DAVID KIFF, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity(ies), and that by his signature on the instrument the person, or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. (Seal) Al2-00902 7.29.14 LM -16- EXHIBIT "C" APPROVED EXCEPTIONS 92705061A Policy No.: 9701-000112250 ALTA OWNER'S POLICY 10-17-92 SCHEDULE B EXCEPTIONS FROM COVERAGE This policy does not insure against loss or damage and the company.will not pay costa, attorneys' fees or expenses which arise by reason of: A. Property taxes including any assessme{/its collected with taxes, to be levied for the fiscal year 9fi:-2d98, which are a lien not yet payable. B. Assessments, if any, for community facility districts affecting said land which may exist by virtue of assessment maps or notices filed by said districts. Said assessments are collected with the County Taxes. C. The lien of supplemental taxes, if any, assessed pursuant to the provisions of Chapter 3.5 (commencing with Section 75) of the Revenue and Taxation Code of the State of California. 1, Water rights, claims or title to water in or under said land, whether or not shown by the public records. 2. An easement for the purpose shown below and rights incidental thereto as set forth in a document: To/Grantee Orange County Improvement Association Purpose sewer Recorded February 9, 1905 in Book 113, Page 224, of Deeds Affects a portion of the land 3. Intentionally deleted. 4. An easement for the purpose shown below and rights incidental thereto as set forth in a document: To/Grantee Southern Counties Gas Company Purpose public utilities Recorded April 14, 1958 in Book 4255 Page 91, Official Records Affects a portion of said land S. An easement for the purpose shown below and rights Continued on next page -3- 464834.2 -18- 92705063A Policy No.: 9701-000112250 ALTA OWNER'S POLICY 10-17-92 incidental thereto as set forth in a document: To/Grantee southern California Edison Company Purpose public utilities Recorded November 26, 1973 in Book 11000 Page 943, Official Records Affects a portion of said land 6. Terms, conditions and covenants provided in an instrument: EntitledI `Off -Site Parking Agreement - Recorded December 26, 1973 in Book 11039 Page 325, Official Records And as modified by an instrument recorded September 12, 2001 as Instrument No. 20010643438, official records. Reference is made to said document for full particulars. 7. Intentionally deleted. e. Terms, conditions and covenants provided in an instrument: Entitled "Reserving of Reciprocal Parking Easement" Recorded September 12, 2001 Instrument No. 1 01-643439, Official Records Reference is made to said document for full particulars 9. An easement for the purpose shown below and rights incidental thereto as set forth in a document: To/Grantee Jay K. Ku and Kyoung J. Ku, husband and wife as community property Purpose ingress and egress and parking Recorded May 14, 2004 as Instrument No. 04-429661, Official Records Affects Northerly 10 feet of said land 10. Matters which may be disclosed by an inspection or by a survey of said land satisfactory to this Company, or by inquiry of the parties in possession thereof. 11. Any rights of the parties in possession of said land, based on an unrecorded eaQ@e: // L: lo tstt,llC , a lvtceUm Fe Dated: torch 15, 2007 Lessor: C a D Sha mmaa Realty, L.P. Lessee: �Nachovia Bank, National Association As diaclbsed by information submitted to this Company. CW & Fxt , Bv& AS I' Q41 AFa Continued on next page 464834.2 -� 9- 92705061A Policy No.: 9701-000112250 ALTA OWNER'S POLICY 10-17-92 12. A Deed of TXAugua Bean indebtedness in the amount shown below, andligations secured thereby: Amount 37.92 Trustor 528 -Meyer Properties, LLC, a ix limited liability company Trustee Title of California, Inc. Beneficiary . Meyer dba Beverly Properties Dated , 2007 Recorded 0, 2007 Instrument No.499410, Official Records END OF EXCEPTIONS Typist Initials: jwp Print date: September 13, 2007 -5- 464834.2 -20- CITY OF NEWPORT BEACH City Council Staff Report August 12, 2014 Agenda Item No. 25. TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: David A. Webb, Public Works Director- (949) 644-3330, dawebb@newportbeachca.gov PREPARED BY: Andy Tran, Senior Civil Engineer PHONE: (949) 644-3315 TITLE: Newport Boulevard and 32nd Street Modification — Approval of Right -of -Way Acquisition Purchase and Sale Agreement for 3201 Newport Boulevard and 3204 Marcus Avenue ABSTRACT: To construct the preferred alternative of the Newport Boulevard and 32nd Street Modification project, real property is required from adjacent parcels. Staff successfully negotiated an agreement with Lido Pacific, LLC for the sale of both 3201 Newport Boulevard and 3204 Marcus Avenue to the City. A fully executed Purchase and Sale Agreement is needed to proceed with escrow and record the real property transaction. RECOMMENDATION: a) Approve the Purchase and Sale Agreement with Lido Pacific, LLC for the acquisition of real property for the Newport Boulevard and 32nd Street Modification project and authorize the Mayor and City Clerk to execute the Purchase and Sale Agreement; b) Direct the City Manager to execute the Certificate of Acceptance and authorize the City Manager, or his Designee, to open an escrow account, complete any actions necessary to complete the transaction, and execute any documents approved as to form by the City Attorney and in furtherance of the Purchase and Sale Agreement: and c) Approve Budget Amendment No. 15BA-002 appropriating $3,313,087.00 from the unappropriated General Fund balance to Account No. 7013-C2002048 and appropriating $3,048,413.00 from Measure M Competitive Fund (284-3605) to Account No. 7284-C2002048 and recognizing $85,913 in additional revenue from Orange County Transportation Authority (284-4861). FUNDING REQUIREMENTS: Staff recognizes that there are many competing needs and interests in the City that these general funds could be applied toward. In alignment with City Council goals and direction, as well as recent resident surveys and requests, staff has developed the Newport Boulevard modification project between Via Lido and 30th Street. Accomplishing this major purchase makes significant progress towards addressing traffic congestion on and off of the Peninsula, improving bicycle and pedestrian safety, as well as landscaping and further enhancing this important and high profile gateway. Upon approval of the budget amendment, the current budget will have sufficient funding for this purchase. Funding sources are as follows: Account Description Account Number Amount Measure M Competitive 7284-C2002048 $ 3,048,413.00 General Fund 7013-C2002048 $ 3,313,087.00 Total: $ 6,361,500.00 Proposed uses are as follows: Account Description Account Number Amount Purchase Agreement 7284-C2002048 $ 3,048,413.00 Purchase Agreement 7013-C2002048 $ 3,301,587.00 Escrow Expenses 7013-C2002048 $ 7,000.00 Incidentals 7013-C2002048 $ 4,500.00 Total: $ 6,361,500.00 DISCUSSION: This proposed widening project is located on Newport Boulevard between Via Lido and 30th Street and involves widening Newport Boulevard to accommodate one additional northbound through lane from 30th Street to 32nd Street and one additional southbound through lane from Via Lido to 32nd Street terminating as a right -turn only lane at 32nd Street. Bike lanes on both sides of Newport Boulevard will be extended from Via Lido to 32nd Street. The intersection at 32nd Street will be modified to improve roadway geometrics. This project also involves the construction of raised landscaped medians, parkway trees and some landscaping, street light modifications and upgrades to LED's, traffic signal modifications, and signing and pavement striping. As a result of the roadway widening and the addition of vehicular and bike lanes, on -street parking along Newport Boulevard between Via Lido and 30th Street will be eliminated. A new public parking lot will be constructed on the bank property being acquired under this action on the northwest corner of Newport Boulevard and 32nd Street which will replace the on -street parking being removed. In addition to this new public parking lot and several other public parking lots in the vicinity, there are four privately owned parking lots on the west side of Newport Boulevard that serve the existing businesses between 32nd Street and Short Street. As the project is still in the Concept Development phase, the new parking lot and street landscaping has not been fully developed and detailed as of this date. Upon approval of the purchase of the bank property, staff plans to complete the detailed landscaping concept plans for the street and parking lot in accordance with the approved Lido Village Design Guidelines and bring these landscape concept plans back to City Council at a public meeting for review and approval prior to applying for a Coastal Development Permit and completing the construction plans. We welcome the public's input as these concept plans are finalized. In addition to this purchase of 3201 Newport Boulevard and 3204 Marcus Avenue to accommodate the widening, three other minor partial acquisitions or dedications are desirable and will be addressed as necessary by separate action. It should be noted that two of these parcels are currently owned by the City, and a third, 3305 Newport Boulevard is owned by a private party. It should also be noted that the desired partial acquisition involving 3305 Newport Boulevard is very small and is only being considered to maintain a consistent 8 -foot sidewalk across that frontage, however it is not necessary to acquire it to complete the project should the owner not want to voluntarily enter into a sales agreement. The table below shows the potential parcels involved. An exhibit showing the proposed right-of-way acquisitions, dedications and temporary construction easement is also attached to this report. Address Description Current Owner Description 3201 Newport Former Bank Lido Pacific, LLC Full Acquisition Boulevard 3204 Marcus Parking Lot Lido Pacific, LLC Full Acquisition Avenue 3305 Newport Retail Strip Center Terra Cotta Realty Fund, LLC Partial Acquisition Boulevard 3300 Newport Former City Hall City of Newport Beach Partial Dedication Boulevard 3531 Newport Gateway Park City of Newport Beach Partial Dedication Boulevard An appraisal for the two parcels at 3201 Newport Boulevard and 3204 Marcus Avenue was completed on October 16, 2013 and reflects the estimated cost for the full acquisition of both parcels. The existing former bank building will be demolished and a new municipal parking lot will be constructed on the site as part of this project should Council approve this Purchase and Sale Agreement. Additionally, an appraisal for 3305 Newport Boulevard was also completed on November 18, 2013 that reflects the estimated cost for a partial acquisition and a temporary construction easement (TCE) associated with that particular parcel. Both appraisals are on file with the project manager and available if needed. Initial offers were presented to both Lido Pacific LLC for the parcels at 3201 Newport Boulevard and 3204 Marcus Avenue, and to Terra Cotta Realty Fund, LLC for 3305 Newport Boulevard on December 19, 2013. These offers reflected the just compensations shown on the appraisals. After several months of negotiations, the property owners, the City, and right-of-way consultant Paragon Partners have now reached a tentative agreement with Lido Pacific, LLC. The agreed upon purchase price for full acquisition of both 3201 Newport Boulevard and 3204 Marcus Avenue is $6,350,000.00. Negotiations with Terra Cotta Realty Fund, LLC regarding 3305 Newport Boulevard are still currently on-going. Pursuant to the terms of the negotiated agreement, the City would acquire the property from Lido Pacific, LLC in an "as -is" condition, with the seller disclaiming all representations and warranties as to the environmental condition of the property. As part of its due diligence, City staff identified the property at 3201 Newport Boulevard as a former gas station site. In 1973, this site was redeveloped and three underground storage tanks were removed. As part of the Purchase and Sale Agreement, the City will have a 45 -day due diligence period to examine and inspect the property. If during the due diligence period, staff determines that the condition of the property is not desirable, the City will have the option to not proceed with the real property transaction. Staff also recently completed a subsurface investigation within the adjacent public alley and confirmed that there is no presence of any objectionable material. Staff was successful in applying for Orange County Transportation Authority (OCTA) Measure M competitive grant funds in the amount of $3,048,413 to pay for a portion of this right-of-way acquisition associated with the project. The remaining balance will be paid with City funds. In addition to the actual right-of-way cost as shown above, staff anticipates additional cost of up to $11,500 to pay for escrow fees and other miscellaneous fees associated with the closing of this transaction. Upon receiving the payment demand from the escrow company, funds will be deposited into an escrow account. Any surplus funds will be refunded to the City upon close of escrow. In addition to funding for the right-of-way purchases as described above, the City will also be receiving $225,000 in OCTA M2 grant funding, combined with approximately $172,000 in gas tax for the necessary project environmental and design work. The consultant contract for the project design and environmental work was awarded to VA Consultants by City Council on June 12, 2012. The construction of this project is expected to cost approximately $2.0 million. Staff successfully applied for OCTA M2 grant funding in the amount of $1,194,000 to fund the construction phase. The balance of the construction cost will most likely come from the City's annual gas tax allocation. ENVIRONMENTAL REVIEW: Staff recommends the City Council find this action is not subject to the California Environmental Quality Act ("CEQA") pursuant to Sections 15060(c)(2) (the activity will not result in a direct or reasonably foreseeable indirect physical change in the environment) and 15060(c)(3) (the activity is not a project as defined in Section 15378) of the CEQA Guidelines, California Code of Regulations, Title 14, Chapter 3, because it has no potential for resulting in physical change to the environment, directly or indirectly. As part of the project concept design phase, an Initial Study/Mitigated Negative Declaration was prepared and circulated for public review from June 26, 2014 to July 28, 2014. NOTICING: The agenda item has been noticed according to the Brown Act (72 hours in advance of the meeting at which the City Council considers the item). ATTACHMENTS: Description Attachment A - ROW Exhibit Attachment B - Budget Amendment Attachment C - Purchase and Sale Agreement R; Jill mean `(E) R/W c (F) R/W IW ro 3300 NEWPORT BLVD -- v R/W = 10,782 SF N. RIGHT -011 ACQUISITION FOR NEWPORT BLVD AND 32ND STREET WIDENING I min %//////MMMT FFFFFFFFFTI ATTACHMENT A RIGHT—OF—WAY (R/VV) ACQUISITION AREAS RIGHT—OF—WAY (R/W) DEDICATION AREAS TEMPORARY CONSTRUCTION EASEMENT (TCE) EXISTING PROPOSED (E) RIGHT—OF—WAY (P) RIGHT—OF—WAY 3531 NEWPORT BLD \� R/W_= 1,224 .^�F (E) R/w --(P)) Raw (E) R/W� ....•c vv -8P 1/1 4 R}W - -- CITY OF NEWPORT BEACH PUBLIC WORKS DEPARTMENT 08/12/2014 ATTACHMENT B City of Newport Beach NO. BA- 15BA-002 BUDGET AMENDMENT 2014-15 AMOUNT: $s,3s1,5oo.00 EFFECT ON BUDGETARY FUND BALANCE: X Increase Revenue Estimates X Increase in Budgetary Fund Balance X Increase Expenditure Appropriations X Decrease in Budgetary Fund Balance Transfer Budget Appropriations No effect on Budgetary Fund Balance SOURCE: from existing budget appropriations X from additional estimated revenues X from unappropriated fund balance EXPLANATION: This budget amendment is requested to provide for the following: To increase expenditure appropriations from General Fund unappropriated fund balance and Measure M unappropriated fund balance to fund acquisition of real properties for the Newport Boulevard and 32nd Street Modification project and to recognize additional revenues for the oroiect from the Orange Countv Transoortation Authority. ACCOUNTING ENTRY: BUDGETARY FUND BALANCE Fund Account Description 010 3605 General Fund - Fund Balance 284 3605 Measure M Competititive - Fund Balance REVENUE ESTIMATES (3601) Fund/Division Account 284 4861 EXPENDITURE APPROPRIATIONS (3603) Description Measure M Competitive Signed: Signed: Signed: Finance Approval: City City Council Approval: City Clerk Amount Debit Credit $3,313,087.00 $3,048,413.00 $85,913 $85,913 $3,313,087.00 $3,048,413.00 7—/(,- /Y Date ,l ttol rA Date Date Description Division Number 7013 Street Account Number C2002048 Newport Blvd / 32nd Street Mod Division Number 7284 Measure M Competitive Account Number C2002048 Newport Blvd /32nd Street Mod Signed: Signed: Signed: Finance Approval: City City Council Approval: City Clerk Amount Debit Credit $3,313,087.00 $3,048,413.00 $85,913 $85,913 $3,313,087.00 $3,048,413.00 7—/(,- /Y Date ,l ttol rA Date Date ATTACHMENT C AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY AND ESCROW INSTRUCTIONS Escrow No. Date of Opening of Escrow: _, 2014 To: First American Title Company ("Escrow Holder") Attention: Telephone: THIS AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY AND ESCROW INSTRUCTIONS (this "Agreement") is entered into this _day of . 2014 (the "Effective Date") by and between the City of Newport Beach, a Municipal corporation and Charter City (hereinafter called "Buyer" or "City"), and Lido Pacific, LLC, a California Limited Liability Company (hereinafter called "Seller") for acquisition by Buyer of certain real property hereinafter set forth. RECITALS: A. Seller is the owner of that certain real property commonly known as 3201 Newport Boulevard (APN 423 102 03) and 3204 Marcus Avenue (APN 423 382 05), located in the City of Newport Beach, County of Orange, State of California, more particularly described on Exhibit "A" attached hereto and by this reference incorporated herein, together with all improvements now or hereafter constructed thereon, all easements, licenses and interests appurtenant thereto and all intangible property owned or held by Seller in connection with such real property, including without limitation, development rights, governmental approvals and land entitlements (collectively referred to herein as the "Property"). B. City has the authority to acquire property for public uses utilizing City's power of eminent domain. In lieu of City's exercise of said power and under the threat thereof, Seller is willing to sell the Property to City and City is willing to purchase the Property from Seller, upon the terms and conditions set forth in this Agreement. NOW, THEREFORE, the parties hereto agree as follows: TERMS AND CONDITIONS 1. PURCHASE AND SALE OF PROPERTY. Seller agrees to sell to Buyer, under threat of Buyer's exercise of its power of eminent domain, and Buyer agrees to purchase from Seller, upon the terms and for the consideration set forth in this Agreement, the Property. 2. PURCHASE PRICE. The total purchase price for the Property, which includes the value of the land and improvements is Six Million Three Hundred Fifty Thousand Dollars ($6,350,000) ("Purchase Price"). 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'pewjol � lnp si l! ley; slueiiem pue s;uosaadaa AUed 4oe3 - 11aOH' inv :N011b'OIjnvn0 OZ -Z6- [30Vd 1X3N NO S3vn.LVNJISI Wl K'U'L Z0600 -Z LV •anogeuleiaq ypol las lead pue Aep ayl luawaaj6V sly; pelnoaxe eneq olejaq sallied ay; '303H3HM SS3N11M NI •luewaaj6V sigl japun pauliolJad eq o; sallnp pue s9!3!I!glsuodsej 'suolle6ligo s,f%;10 ayl Ja;slulwpe o; pue luewaaj6V sly; luaweldwl pue Ino Aneo of aleudadde pue Ajessooeu sluawnoop lie u6ls o; 'ft110 ay; to liegeq uo 'pazuoylne Ageioq SI yoea8 podMeN to Al10 ayl to ja6eueW A110 e41 'NOIIVZRIOH1f1V .1110 U •goeajq luanbesgns jo jaylo Aue to jenleM a peweep eq ileys japunejaq goeajq Aue;o (ped Aus Aq JanleM ON -Agajagl punoq aq of (ped ay;;o;legeq uo jo Aq palnoexe Alnp pue 6ulluM ul Wol las aq ileys;uaweaJ6V sly; to uolslnad Aue of loadsaj yl1M eoueosalnboe jo luesuoo uolleoglpow 'Janlem AuV •luaweei6V sly; ul peuleluoo siallew ay; of loadsaj yl1M salped ayl uaaMlaq 'uallpm jo lejo jeglagm 's6ulpuelsiapun pue sluawaai6e joud lie sepesiedns 11 ';uew99a6V slyl to jagew loefgns eyl of loadsaj yl1M sallied ayl uaaMlaq luawaai6V eigue ayl sl Iuaweaj6V s141 'NOUV013140W (INV 2:MAIVM 1N3W33bOV 3MI1N3 M •sesuedxe elgeuoseai jaylo lie pue 'sse; sseullM padxe 'slsoo Ile apnioul pegs seal (s) AeujogV 'luaw6pnf SELLER Lido Pa ' ie �LC,Ia Calyfornia limited liability comp v / �I / Bruce- yeas manager Date: 2014 BUYER City of Newport Beach By: Rush N. Hill, Il, Mayor Date: Leilani I. Brown, City Clerk Approved as to form: City Attorney Al2-00902 7.29.14 LM -13- 2014 -b 6- w1 rL•6Z•L Z0600 -Z W £0-Z06-£Zb pue 90-Z8E-EZb :(s)JagwnN laoJed s,Jossassy -Alunoo pies ;o JapJooa-1 Alunoo eqj jo aoWo eqj ul 'sdeW laoJed;o q 96ed 'Lg Moog ul palg dew a uo umogs se 6 laoJed :9 laoJed -Alunoo pies ;o JapJooa*l )4unoo eqj jo ao!40 eqj ul 'sdeW laoJed;o ZZ pue lZ s86ed 'EZ£ Moog w palg dew a uo umogs se 'elwo;lle0;o aje38 '96ueJ0;o kunoo 'yoeag }JodmaN to 40 a41 ul ' H7Z-000Z 'ON deW laoJed 10 Z laoJed :y laoJed :smollo; se paquosep sl pue 'elwo;Ileo ;o aje;g '96ueJo ;o Alunoo ay; ul pa;enlls sl }iodaJ sly; ul of paJJJa;oi puel a41 „H„ 1181HXB -41,- Wl 46 HI Z0600-ZLV ollgnd fJeloN 'leas leloi4o pue pueg Aw SS3N11M •loaJJoo pue onJl sl gdeJ6eJed 6u!o6aJo; ay} legl e!wo}Ileo;o alelS ay; jo smel aql Japun .k2jnr2Ocl dO kIIVN3d Japun Appoo I •luewnJlsul aql polnoaxe 'paloe (s)uosJad eql go!gm jo;legaq uodn llgue eql Jo '(s)uosJad eq; luewnJlsul eql uo (s)amleu6ls J!agl/Jag/slq Aq legl pue '(sal)Al!oedeo pezuoglne Jlagl/aaq/sly ui awes eql palnoexe Aagl/eqs/eq legl aw of pabpalmou�oe pue 'luawnJlsul ulgl!m agl of paquosgns aJe/sl (s)eweu asogm (s)uosJad eql aq of aouap!Aa AJoloelslles to slseq aql uo aw o; panwd oqm 'Ja (aW eoniq paJeadde (lleuosiad 'ollgnd (JeloN e ' 'aw aJolaq 171,0Z ' uO S313JNV SO -1 dO.11Nnoo dIN2i0dllVO AO 31H1S Jabeuew si! 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WITIUS tiasmnzieuT ae UT PaPTAOXBB eimlaeAoo Pae suOTITPa00 '9maaZ '0 'PeieTeP 6TTeaOTiu9ial 'L ersTnOTixsd Tin; 203 3nemstmp pTee 03 epam OT saueze308 at am quemnx3ma on TOOL 'LT m xagqd uem pspaoowjnnouTOnadgEPeT3iPOm 99 PQV apzoaay TeTOWS0 'SLE Grad MIT *008 nF EL61 '9L xegmaDQa PGPzoeeB ,iaetwez6Y 6uT*zad aiFB-330. petiT:Itm tiueun mom = UT PWTA024 eimlaaMa pas mwT3TPUOO 'a.zaZ '9 Puet PTae IO uOTUOd a ei00SW 9"0098 teTOT330 'E% a6a4 OOOTT 3(008 OF EL6T '9L =Ggma"x PGPzOOM asFiTTFiu oTTgnd eeodmu AwKI o uosTpg siuzo3FM ux®ginag salaam/oZ tisamt0op a uT quo; iae ae oiazsg3 taivaPFeuF L6 -LT -01 JWISM BiumMa Yi'M 0SLLT1000-TOL6 3 a S011041 YI90SOLE6 Loot 'Et xsq=jdQ8 teiap wTxd 8wF tetaT3TaI ieSdGL ePx00a8 I"DT330 LOOS '0t` L00E 'a eeTUedOM Rtxaeoa mW seAm 'Y •OaT 'etaxOJvm 30 elm 3 daxb= AaFtT4eTt Pe2pTmgTT "um e IOM 'eeT7xedaxd zaAm-BE5 a lAgexagy ;mwmo awl UT OVOLTAmn d0 0uff -------------- 'ON aaeim 3=1 PapxOOeg P"Va A"'Fo ieaee aeaenxy 20140UXL L' 3Oaam8 �o Pae 'aoLeq anORa 07 i S 3a Peaa B 'Et L6 -LT -OT Form 9s88m GLqY OSZCTTOOO-TO46 t'On AOTtOa VT9080LE6 Z'4E9494 McDonald, Cristal Subject: FW: City Council Meeting- Newport Boulevard/32nd Mod J,—/ From: cynthia koller [mailtagracenbl@yahoo.com] Sent: Tuesday, August 12, 2014 4:28 PM To: Kiff, Dave; Brown, Leilani; Petros, Tony; Gardner, Nancy; Mike Henn; Curry, Keith; Hill, Rush; Selich, Edward Subject: City Council Meeting- Newport Boulevard/32nd Mod For the Record City Council and Staff: I unable to attend this evening's City Council meeting and I am submitting comments in reference to item #25, the Newport Boulevard 32nd St. Mod: http://novusagendapu bl ic. newoortbeachca.gov/CoverSheet.aspx? Item I D=3416&Meeti nq I D=17 I am happy to see Staff is including a landscape plan for this corner and I would like to suggest West Newport has grown up so to speak and needs something beautiful to represent our uniqueness in the form of Sea Life Art and/or water feature(recirculation) of course to add to this area. If lit properly it would make for a much better night view from the Hotel and the purposed cafe that is going in directly across from this property. We are in a exciting period for the once blighted and forgotten Peninsula but, we do seem to have a mishmash of architecture and style from Cape Code to Newport eclectic. The tie that binds all of us together is the Ocean and Surfing. (Dolphins are our most frequent ocean visitors in this part of town). Art at this corner would add beauty, make a Welcome Statement and be a compliment to our new purposed Hotel across the Street. This corner needs to be more than a parking lot across from a grocery store, it needs to make a statement to all visitors traveling down the Peninsula and set the tone "You have arrived" to another interesting part of Newport. I hope you feel the same and would support more and much needed Art in this part of town. Respectfully, Cindy Koller West Newport E 'Y i Le- -t�- �f _� t Newport Boulevard Modification between Via Lido to 30TH Street Preferred Conceptual Plan I Proposed Project Improvements ➢ Add 3rd NB through lane from 30th Street to 32nd Street ➢ Add 3rd SB through lane from Via Lido to 32nd Street ➢ Add bike lanes on both sides of Newport Blvd. from Via Lido to 32nd Street ➢ Relocate Newport Blvd. on -street parking between 30th Street & Via Lido into new public parking lot at NW corner of Newport Blvd & 32nd Street ➢ New landscaped medians on Newport Blvd from 30th Street to Via Lido ➢ Increase left turn storage at traffic signals ➢ Closure of left turn movement to and from 31St Street Right -of -Way Acquisitions I 3,20 MAR � •6CUS mrrrrrr��r�w°^°u. 1,74 1 SFi ^� y 3305 NEWPO� R/W - 4i SF L• iTCE = 237 SF I i (P) R/N (P) TCE - - W 3531 NEWPORT BLVD - ' Q _ _ R/W = 1,224 SF H _ E) R co fPl 3/W � C - -- - (D -P -WWP — - W—� `I(E) R/W" 7, a:. fP) rR / W M 3301 NEWPOP '_VC` a.. .R/W = 10, _- J I yAff Former Wachovia Bank Wachovia Bank Parking Lot Retail Strip Center Former City Hall Gateway Park * Voluntary Acquisition. Not required to complete project Lido Pacific, LLC Lido Pacific, LLC Terra Cotta Realty Fund, LLC City of Newport Beach City of Newport Beach Full Acquisition Full Acquisition Partial Acquisition Partial Dedication Partial Dedication PUBLIC PARKING Relocation of 26 on -street parking spots to a new public parking lot at NW corner of Newport Blvd and 32nd Street Three existing public parking lots at 30th Street with 76 spaces Existing angled on -street public parking on 32nd Street with 51 spaces 4 Private parking lots on Newport Blvd between 32nd Street & Short Street SPOTS PF )POSE [ri dF'JTJ' h ������771111������T; 1 t _ 11 PUBLIC I`�' t m TS ILLA WAY e 6 POS ATE SPd 10 PRIVATE SIOT , 1 Q PROJECT SCHEDULE • Complete Environmental Documentation —Sept. 2014 • Coastal Permitting — Nov. 2014 to Sept. 2015 • Complete R/W Acquisition — Dec. 2014 • Complete Final Design — Oct. 2015 (Dependent on Coastal Development Permit) • Award Construction Contract — Dec. 2015 • Construction —Jan. 2015 to Jun. 2016 PRQJECT CAST Right -of -Way Acquisition $3,451,587 $0 $3,0481413 $6,500,000 Construction Capital $0 $806,000 $1,194,000 $2,000,000 Total $3,4511587 $978,000 $4,467,413 $8,897,000 General Fund Measure M Grant Environmental, Preliminary and Final $0 $172,000 $225,000 $397,000 Design Right -of -Way Acquisition $3,451,587 $0 $3,0481413 $6,500,000 Construction Capital $0 $806,000 $1,194,000 $2,000,000 Total $3,4511587 $978,000 $4,467,413 $8,897,000 QUESTIONS &COMMENTS \1Foat% Public Works Department A Well -Engineered Machine Protecting and Providing Quality Public Improvements and Services CLOSURE OF 31ST STREET ➢ U-turn at 301h Street will be permitted ➢ Left turn/U-turn pocket at 30th Street will be lengthened TRAFFIC CIRCULATION engthened' } 1 Left turn e storage po ket _ ��Itl.l l.i.-�.� 4 tum g 0 RECONFIGURE ALLEY ACCESS ➢ Close existing alley access from 32nd Street ➢ Access alley from Marcus Avenue or Finley Avenue ➢ Marcus Ave from alley access to 32nd Street will be converted to 2 -way traffic r