2007 08 07 RDAe4 4 4 QKWOJ
Redevelopment Agency agendas are
available on the City' web page
@ www.la-quinta.org
REDEVELOPMENT AGENCY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
TUESDAY, AUGUST 7, 2007 - 3:00 P.M.
Beginning Resolution No. RA 2007-008
CALL TO ORDER
Roll Call:
Agency Board Members: Adolph, Henderson, Kirk, Sniff, and Chairman Osborne
PUBLIC COMMENT
At this time, members of the public may address the Redevelopment Agency on any
matter not listed on the agenda. Please complete a "request to speak" form and limit your
comments to three minutes.
CLOSED SESSION
NOTE: Time permitting the Redevelopment Agency Board may conduct Closed Session
discussions during the dinner recess. In addition, persons identified as negotiating parties
are not invited into the Closed Session meeting when acquisition of real property is
considered.
1. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS
R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8
CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION
AND/OR DISPOSITION OF A PORTION OF 525t ACRES LOCATED AT THE
SOUTHWEST CORNER OF AVENUE 52 AND JEFFERSON STREET.
PROPERTY OWNER/NEGOTIATOR: LDD SILVERROCK, LLC, LRCF SR1, LLC,
AND LRCF SR2, LLC, THEODORE LENNON.
Redevelopment Agency Agenda 1 August 7, 2067 11 .i
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2. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS
R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8
CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION
AND/OR DISPOSITION OF REAL PROPERTIES IDENTIFIED AS APN:
770-040-012 AND -013. PROPERTY OWNER/NEGOTIATOR: URBAN
HOUSING COMMUNITIES, ROGER DAVILA.
3. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS
R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8
CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION
AND/OR DISPOSITION OF REAL PROPERTY IDENTIFIED AS APN: 600-020-
004, AND -005. PROPERTY OWNERS/NEGOTIATORS: DESERT EUROPEAN
MOTOR CARS INC., JERRY JOHNSON AND SHOVLIN COMPANIES,
MICHAEL SHOVLIN.
4. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS
R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8
CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION
AND/OR DISPOSITION OF REAL PROPERTY IDENTIFIED AS APN:
604-040-007 AND -023. PROPERTY OWNERS/NEGOTIATORS:
WASHINGTON STREET APARTMENTS, MIKE SOLLENBERGER.
RECESS TO CLOSED SESSION
RECONVENE AT 4:00 P.M.
4-00 P.M.
PUBLIC COMMENT
At this time members of the public may address the Redevelopment Agency on any matter
not listed on the agenda. Please complete a "request to speak" form and limit your
comments to three minutes.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF MINUTES OF JULY 17, 2007.
U ., 2
Redevelopment Agency Agenda 2 August 7, 2007
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
1. APPROVAL OF DEMAND REGISTER DATED AUGUST 7, 2007.
2. ADOPTION OF A RESOLUTION APPROVING A LOT LINE ADJUSTMENT TO
CONVEY 200 FEET OF AGENCY -OWNED LAND LOCATED AT 77-885
AVENIDA MONTEZUMA TO MICHAEL FISCHER, WIDOWER AND TRUSTEE
OF THE MICHAEL A. FISCHER AND ANNIE L. FISCHER FAMILY TRUST.
3. APPROVAL OF THE PLANS, SPECIFICATIONS, AND ENGINEER'S
ESTIMATE, AND AUTHORIZATION TO ADVERTISE FOR BIDS FOR THE
TEMPORARY PARKING LOT AT SILVERROCK RESORT FOR THE BOB HOPE
CHRYSLER CLASSIC, PROJECT NO. 2007-14.
4. APPROVAL OF A PARTIAL ASSIGNMENT AND ASSUMPTION AGREEMENT
BETWEEN LRCF SR 1, LLC (FORMERLY LDD SILVERROCK, LLC) AND LRCF
SR 2, LLC.
5. ADOPTION OF A RESOLUTION OF THE REDEVELOPMENT AGENCY
APPROVING A PROBATE PURCHASE AGREEMENT AND JOINT ESCROW
INSTRUCTIONS BETWEEN THE LA QUINTA REDEVELOPMENT AGENCY
AND THE ESTATE OF AUDREY B. OSTROWSKY FOR PROPERTY
DESCRIBED AS LOTS 5-12, BLOCK 129 SANTA CARMELITA AT VALE
LA QUINTA NO. 14 (APN 773-077-014) AND THE APPROPRIATION OF
$1,175,000 FROM PROJECT AREA NO. 1 LOW AND MODERATE -INCOME
RESERVES, ACCOUNT NO. 245-0000-290.00-00.
BUSINESS SESSION - NONE
STUDY SESSION - NONE
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
Redevelopment Agency Agenda 3 August 7, 2007
ADJOURNMENT
The next regular meeting of the Redevelopment Agency will be held on September
18, 2007, commencing with closed session at 3:00 p.m. and open session at 4:00
p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253.
DECLARATION OF POSTING
I, Veronica Montecino, City Clerk of the City of La Quinta, do hereby declare that
the foregoing agenda for the La Quinta Redevelopment Agency meeting of August
7, 2007, was posted on the outside entry to the Council Chamber at 78-495 Calle
Tampico and on the bulletin boards at 51-321 Avenida Bermudas and 78-630
Highway 111, on August 3, 2007.
DATED: August 3, 2007
VERONI A J. MONTECINO, City Clerk
City of La Quinta, California
Redevelopment Agency Agenda 4 August 7, 2007
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: August 07, 2007 BUSINESS SESSION:
ITEM TITLE: Demand Register Dated August 07, 2007 CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File the Demand Register Dated August 07, 2007 of which
$1,237,536.11 represents Redevelopment Agency Expenditures.
PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
2
00 5
COUNCIL/RDA MEETING DATE: August 7, 2007
ITEM TITLE: Adoption of a Resolution Approving a Lot
Line Adjustment to Convey 200 Feet of Agency -Owned
Land Located at 77-885 Avenida Montezuma to Michael
Fischer, Widower and Trustee of The Michael A. Fischer
and Annie L. Fischer Family Trust
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Authorize the Executive Director to sign the Lot Line Adjustment conveying 200 feet
of land to The Fischer Family Trust in an amount not to exceed $500.
FISCAL IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
In February of 2000, staff initiated a Lot Line Adjustment to transfer 200 feet of land
to Mr. and Mrs. Fischer. The reason for the transfer was determined after a survey
was taken and the Agency was considering purchasing the Museum land from the La
Quinta Historical Society. The result of the survey concluded that the wall belonging
to the Fischers separating the two parcels was located two feet inside the Museum
property. Rather than requiring the Fischer's to tear down the wall, it was determined
to sell the two feet to the Fischers. The price at that time was determined to be
$500. The Fischers agreed to the transfer and paid the $500 on April 18, 2000.
Staff then proceeded to complete the transfer and record the deed transferring the
property, but was not successful in reaching Mr. and Mrs. Fischer. Therefore, the Lot
Line Adjustment was not completed or recorded. Now with the construction of the
Museum, and the Agency owning the land, the need to complete the Lot Line
Adjustment is necessary. Recently, staff was able to reach Mr. Fischer and the Lot
Line Adjustment is ready to be completed and recorded.
0;; 6
FINDINGS AND ALTERNATIVES:
The alternatives available to the City Council include:
1. Authorize the Executive Director to sign the Lot Line Adjustment conveying
the 200 feet of land to The Fischer Family Trust in an amount not to exceed
$500; or
2. Do not authorize the authorize the Executive Director to sign the Lot Line
Adjustment conveying the 200 feet of land to The Fischer Family Trust and
refund the $500 to Mr. Fischer; or
3. Provide staff with alternative direction.
Res
son, Planning Director
Approved for submission by:
ALrA .,& r
Thomas P. Genovese, Executive Director
RESOLUTION RA NO. 2007-
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY APPROVING CONVEYANCE OF REAL
PROPERTY TO MICHAEL FISCHER, TRUSTEE OF THE
FISCHER FAMILY TRUST, PURSUANT TO A LOT LINE
ADJUSTMENT
WHEREAS, the La Quinta Redevelopment Agency ("Agency") is a
public body, corporate and politic, organized and existing under the California
Community Redevelopment Law ("Health & Safety Code § 33000 et seq.) ("CRL");
and
WHEREAS, pursuant to the CRL, the City Council of the City of La
Quinta ("City" or "City Council," as applicable) approved and adopted the
Redevelopment Plan ("Redevelopment Plan") for Project Area No. 2 ("Project
Area"), on May 16, 1989, by Ordinance No. 139; and
WHEREAS, the Agency owns land located at 77-885 Avenida
Montezuma; and
WHEREAS, the parties desire to effect a lot line adjustment to convey
200 feet of the above -referenced land along the Agency's property line from the
Agency to Michael A. Fischer, Trustee of The Fischer Family Trust (the "Fischer
Trust"); and
WHEREAS, the Agency has incurred expenses in preparing necessary
conveyance documents relating to this transaction and Fischer has reimbursed to
the Agency the sum of $500 for the purpose of preparing several documents
necessary to effect the conveyance; and
WHEREAS, the Agency has considered all the information and
evidence presented by the Agency staff; and
WHEREAS, the Agency hereby determines that the Agency's
conveyance of the property is necessary to effectuate the purposes of the adopted
Redevelopment Plan;
NOW, THEREFORE, BE IT RESOLVED BY THE LA QUINTA
REDEVELOPMENT AGENCY AS FOLLOWS:
1 . That the above recitals are true and correct and incorporated herein.
2. That the La Quinta Redevelopment Agency hereby resolves as follows:
a. The Agency finds and determines that the conveyance of this propert' 0 8
effectuates the purposes of the Community Redevelopment Law
Resolution RA No. 2007-
Conveyance — Michael A. Fischer
Lot Line Adjustment 2000-328
Adopted: August 7„ 2007
Page 2 of 2
(Health & Safety Code § 33000 at seq.) and of the Redevelopment
Plan and is in the best interests of the citizens of the City of La Quinta.
b. The consideration paid by Fischer is not less than the fair market value
of the Property at its highest and best use in accordance with the
Redevelopment Plan.
3. The actions taken by staff to date are hereby approved. The Agency
Executive Director is authorized and directed, on behalf of the Agency, to (i)
sign such other and further documents that require the Agency's signature,
and (ii) take such other and further actions, as may be necessary and
properly carry out the terms of the Agreement.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the La
Quinta Redevelopment Agency held this 7th day of August, 2007, by the following
vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
LEE OSBORNE, Agency Chair
City of La Quinta, California
ATTEST:
VERONICA J. MONTECINO, CMC, Agency Secretary
City of La Quinta, California
APPROVED AS TO FORM:
M. KATHERINE JENSON, Agency Counsel
City of La Quinta, California
COUNCIURDA MEETING DATE: August 7, 2007
ITEM TITLE: Approval of the Plans, Specifications,
and Engineer's Estimate and Authorization to
Advertise for Bids for the Temporary Parking Lot at
SilverRock Resort for the Bob Hope Chrysler Classic,
Project No. 2007-14
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION: _
CONSENT CALENDAR: 3
STUDY SESSION:
PUBLIC HEARING:
Approve the plans, specifications and engineer's estimate (PS&E) and authorize
staff to advertise for bids for the Temporary Parking Lot at SilverRock Resort for
the Bob Hope Chrysler Classic, Project No. 2007-14.
FISCAL IMPLICATIONS:
None at this time. After bids are received, staff will request an appropriation from
the Redevelopment Agency.
BACKGROUND AND OVERVIEW:
On June 6, 2007, an Amended Use Agreement was entered into between Desert
Classic Charities, The Bob Hope Chrysler Classic, and the City of La Quinta, which
added SilverRock Resort into the rotation for the 2008 Bob Hope Chrysler Classic.
Section 7 of the Agreement states:
"The City shall designate approximately 45-acres of the Property ("45-Acre
Site"), which will be able to accommodate parking during the Tournament.
Once the 45-Acre Site has been designated by the City, the Hope Classic
will provide a one-time contribution of Fifty Thousand Dollars ($50,000.00)
("One -Time Contribution") to the City or, at the City's election, to the
Agency, for the installation of turf, irrigation, and soil preparation and
contouring on the 45-Acre Site."
The SilverRock Resort development plan identifies the lot located on the corner of
Avenue 52 and Jefferson Street "45-Acre Site" to be a passive park and utilized as
a parking area for the Bob Hope Chrysler Classic during the event. Development of
the park will not commence until sometime after the 2008 Bob Hope Chrysler
Classic. Therefore, in the interim, a temporary parking lot in the location of the
future passive park is being requested.
The requested temporary parking lot will consist of rye grass to be planted within
the first two weeks of October 2007. The rye grass will be grown, mowed, and
watered (with above -ground irrigation) until the week before the 2008 Bob Hope
Chrysler Classic Event. At that time, the irrigation will be removed, the grass will
be cut to the proper height for parking, and the turf will be striped for traffic
control.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency include:
1. Approve the plans, specifications and engineer's estimate (PS&E) and
authorize staff to advertise for bids for the Temporary Parking Lot at
SilverRock Resort for the Bob Hope Chrysler Classic, Project No. 2007-14; or
2. Do not approve the plans, specifications and engineer's estimate (PS&E) and
authorize staff to advertise for bids for the Temporary Parking Lot at
SilverRock Resort for the Bob Hope Chrysler Classic, Project No. 2007-14; or
3. Provide staff with alternative direction.
Respectfully submitted,
IS2I '
Edie Hylton
Community Services Director
Approved for submission by:
/4�/// �i( nzs '7/ /_
Thomas P. Genovese, Executive Director
JJ 11
t
COUNCILIRDA MEETING DATE: August 7, 2007
ITEM TITLE: Approval of a Partial Assignment and
Assumption Agreement between LRCF SR 1, LLC
(formerly LDD SilverRock, LLC) and LRCF SR 2, LLC
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION: _
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Approve of an Assignment and Assumption Agreement between LRCF SR1 (formerly
LDD SilverRock, LLC) and LRCF SR2, LLC and authorize the Acting Executive Director
to execute the Agreement and any other necessary documentation.
FISCAL IMPLICATIONS:
None. LDD SilverRock, LLC, is required to reimburse the Agency for the cost it incurs
in considering the requested transfer and the Assignment and Assumption Agreement.
BACKGROUND AND OVERVIEW:
LDD SilverRock, LLC, the developer of the SilverRock Resort ("Developer") has
requested that the Agency consent to the reorganization of Developer, as described
hereinbelow. (LLD SilverRock LLC has recently filed a name change and is now known
as LRCF SR1, LLC) This request relates only to the Disposition and Development
Agreement ("DDA") as it relates to the Boutique Hotel Parcel and the Ranch Villas
Parcel (i.e., the parcel with the current temporary clubhouse). As to the remaining
parcels, a new entity which is wholly owned by Lowe Enterprises (LRCF SR2, LLC.)
has been formed to retain the subsequent development rights, although it is anticipated
that at a future date, the Agency will be requested to approve different reorganizations
relating to the later phases of the SilverRock Resort development. To document the
consent and formalize the reorganization of LDD SilverRock LLC into LRCF SR1, and to
-J 12
permit the assignment of the residual rights to an entity wholly owned by Lowe, the
Agency is requested to approve the attached Assignment and Assumption Agreement.
The Agency and the Developer entered into the DDA dated December 19, 2006,
pursuant to which Developer has undertaken certain obligations to acquire and develop
certain real property within SilverRock Resort ("Project").
The Developer had previously informed the Agency that it was seeking equity
investment capital for the development of the Project. The Developer has advised the
Agency that negotiations with the investment capital sources have been completed. In
connection with the equity capital investment, Developer has indicated that it became
necessary to reorganize Developer to permit the capital sources to invest in the Project
through the Developer.
Under the terms of section 703.1(3) of the DDA, no changes in the ownership of the
Developer may occur without the consent of the Agency, with limited exceptions not
applicable here.
When reorganized, the Developer will have two new members, both of which are
managed by a subsidiary of Lowe Enterprises Investment Management, LLC ("LEIM").
LEIM is a wholly -owned subsidiary of Lowe Enterprises, Inc. The Developer's current
manager, LDD SilverRock Manager, Inc., which is also a wholly owned subsidiary of
Lowe Enterprises, Inc., will withdraw as manager of Developer, but will continue to
manage the first phase of the Project under the terms of a Development and Sales
Management Agreement with Developer. Under this agreement, LDD SilverRock
Manager, Inc. will be responsible for performance of Developer's obligations under the
DDA as to the first phase of the Project.
The new members of Developer will be Lowe Resort Community Fund, LLC, which is a
commingled real estate investment fund having total investment commitments of
$108,000,000 from major institutional investors, and Coinvest SR1, LLC, whose
99.99% investor is a major pension fund (the remaining 0.01 % investor/manager is
LEIM).
The Development Manager for the Project, the manager of the Developer, and the
manager of both of the investors (Lowe Resort Community Fund, LLC and Coinv SR1,
LLC) in the Developer are under the common ownership of Lowe Enterprises, Inc.,
resulting in no change in the day-to-day or long term management of the Project, or
the fulfillment of the Developer's obligations under the DDA. As stated above, LRCF
SR2, LLC, is a wholly owned subsidiary of Lowe Enterprises, Inc.
Frank Spevacek of RSG and the Agency Counsel have reviewed the relevant materials
and recommend approval of the transfer and authorization of the Assignment and
Assumption Agreement.
13
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency Board include:
1. Approve of an Assignment and Assumption Agreement between LRCF SR 1
(LDD SilverRock, LLC) and LRCF SR2, LLC, and authorize the Acting Executive Director
to execute the Agreement and any other necessary documentation; or
2. Disapprove the Assignment and Assumption Agreement.
3. Provide staff with alternative direction.
Respectfully submitted,
M. Katherine Jenson, Agency Counsel
Approved for submission by:
/' 4 - /) � X I� ,� r
Br t Plumlee, Acting Executive Director
Attachment: 1. Assignment and Assumption Agreement
2
r :; 14
ATTACHMENT 1
PARTIAL ASSIGNMENT AND ASSUMPTION OF DISPOSITION
AND DEVELOPMENT AGREEMENT
This Partial Assignment and Assumption of Disposition and Development Agreement
(this "Partial Assignment") is executed by LRCF SR1, LLC, formerly known as LDD SILVER
ROCK, LLC, a Delaware limited liability company ("Owner"), in favor of LRCF SR2, LLC, a
Delaware limited liability company ("Assignee"), as of the _ day of , 2007, with
reference to the following facts:
A. Owner (under its former name) and the La Quinta Redevelopment Agency, a
public body, corporate and politic ("Agency"), have entered into that certain Disposition and
Development Agreement dated as of December 19, 2006 (the "DDA").
B. Owner has been organized to admit two new members, Lowe Resort Community
Fund, LLC and Coinvest SRI, LLC.
C. Owner now desires to assign and transfer to Assignee, and Assignee desires to
accept from Owner all of Owner's rights and obligations in, under and to the DDA with respect
to all of the real property legally described on Exhibit A attached hereto (the "Future Phases
Property"), which is all of the real property identified in the DDA other than the parcels
identified therein as the Boutique Hotel Parcel and the Ranch Villas Parcel (together, the "First
Phase Property"). The First Phase Property is legally described on Exhibit B attached hereto.
THEREFORE, Owner and Assignee agree as follows:
1. Assignment. Owner hereby assigns and transfers to Assignee all of
Owner's rights in, under and to the DDA and all of Owner's obligations arising under the DDA
with respect to (but only with respect to) the Future Phases Property from and after the date
hereof.
2. Acceptance and Assumption. Assignee hereby accepts from Owner all
of Owner's rights in, under and to the DDA and agrees to assume all of Owner's obligations
arising under the DDA with respect to (but only with respect to) the Future Phases Property from
and after the date hereof.
3. Performance by Owner. Owner and Assignee acknowledge and agree
that all of Assignee's rights under the DDA are subject to Owner's compliance with Owner's
obligations under the DDA with respect to the First Phase Property, and that a default by Owner
of Owner's obligations under the DDA with respect to the First Phase Property shall constitute a
default of "Developer" (as that term is defined in the DDA) under the DDA and shall give rise to
all of the Agency's rights and remedies for a Developer default thereunder.
4. Further Assurances. Each party hereto hereby agrees to execute any
additional documents, and take any further actions necessary to effect or evidence the assignment
and assumption set forth in Sections 1 and 2 above.
882/015610-0101
834167 02 a08/02/07
15
5. Counterparts. This Partial Assignment may be executed in counterparts,
each of which shall be deemed an original, and both of which together shall constitute one and
the same instrument.
6. Miscellaneous. This Partial Assignment shall be binding on and inure to
the benefit of the parties and their respective successors and assigns. The paragraph headings of
this Partial Assignment are for convenient reference only and shall not be used in interpreting
this Partial Assignment.
7. California Law. This Partial Assignment shall be governed by and
interpreted in accordance with the internal laws of the State of California, without regard to
conflict of law principles.
8. Costs of Dispute Resolution. In the event of any action or proceeding
brought by any party against any other parties under this Partial Assignment, the prevailing
parties shall be entitled to recover from the non -prevailing parties all costs and expenses,
including attorneys' and experts' fees and expenses, in such action and proceeding in such
amount as the court may adjudge reasonable. The prevailing parties shall be determined by the
court based upon an assessment of which party's major arguments made or positions taken in the
proceedings could fairly be said to have prevailed over the other parties' major arguments or
positions on major disputed issues.
[SIGNATURES INCLUDED ON FOLLOWING PAGE]
882/015610-0101
834167 02 a08/02/07 -2-
16
IN WITNESS WHEREOF, Owner and Assignee have executed this Partial Assignment
as of the date and year first above written.
"OWNER"
LRCF SRI, LLC,
a Delaware limited liability company
By:
Its:
"ASSIGNEE"
LRCF SR2, LLC,
a Delaware limited liability company
Its:
882/015610-0101
834167 02 a08/02/07 -3 - 17
a I
By execution below, the Agency hereby consents to the above -described reorganization
of Owner and to the foregoing assignment.
LA QUINTA REDEVELOPMENT AGENCY,
a public body, corporate and politic
By:
Its:
WIN Mlx.11
Agency Secretary
APPROVED AS TO FORM:
RUTAN & TUCKER, LLP
Agency Counsel
882/015610-0101
834167 02 a08/02/07
Executive Director
Exhibit A
Legal Description of Future Phases Property
[See Attached]
[Insert legal for entire property other than Lots 19 and 22]
882/015610-0101 � 1 Q
83416702 a08/02/07 Exhibit v
Exhibit B
Legal Description of First Phase Property
[See Attached]
[Insert legal for Lots 19 and 22]
882/015610-0101
83416702 a08/02/07 Exhibit B
•. 29
AM OF
O
COUNCIL/RDA MEETING DATE: August 7, 2007
AGENDA CATEGORY:
ITEM TITLE: Adoption of a Resolution of the La Quinta
Redevelopment Agency Approving a Probate Purchase BUSINESS SESSION:
Agreement and Joint Escrow Instructions Between the
La Quinta Redevelopment Agency and the Estate of CONSENT CALENDAR:
Audrey B. Ostrowsky, for Property Described as Lots STUDY SESSION:
5-12, Block 129 Santa Carmelita at Vale La Quinta No.
14 (APN 773-077-014) and the Appropriation of PUBLIC HEARING:
$1,175,000 From Project Area No. 1 Low and
Moderate Income Reserves, Account No. 245-0000-
290.00-00
RECOMMENDATION:
Adopt a Resolution of the Redevelopment Agency approving a Probate Purchase and
Sale Agreement and Joint Escrow Instructions (the "Agreement") for the purchase of
34,848 square feet of property located at Avenida Montezuma, west of Avenida
Navarro, across from the La Quinta Community Park, authorize the Acting Executive
Director to execute the Agreement and any other necessary documentation, and
appropriate $1,175,000 from the Project Area No. 1 Low and Moderate Income
Reserves, Account Number 245-0000-290.00-00 to cover acquisition, closing costs,
and environment investigation expenses.
FISCAL IMPLICATIONS:
This action will result in an initial expenditure of up to $1,175,000. Sufficient funds
are available in the Project Area No. 1 Housing Fund reserves to cover this expenditure.
Additional expenditures may be required as the Agency pursues the development of
affordable housing on this property. These costs are unknown at this time.
BACKGROUND AND OVERVIEW:
The La Quinta Redevelopment Agency has been acquiring property in both Project Area
No. 1 and Project Area No. 2 to facilitate affordable housing development. In the
spring of 2007, the Agency Board directed staff to identify properties that would
accommodate affordable housing development and work to acquire them for the
purpose of expanding the Agency's inventory of affordable housing development sites.
A.. 21
The property search effort surfaced the subject parcel's sale listing. The Estate of
Audrey B. Ostrowsky is selling all of the Estate's assets including the 34,848 square
foot parcel north of the La Quinta Community Park. The Agency has had a long
interest in facilitating mixed -use development adjacent to the Community Park. In the
late 1990's, the Agency evaluated a mixed -use artist loft/retail development involving
City property and other adjoining properties (including this parcel). The concept did not
come to fruition because the adjoining owners did not wish to participate. With this
purchase, the Agency would begin the process of assembling land adjacent to the Park
to accommodate a mixed -use, affordable housing development.
The Agreement (Attachment 1) provides that the Agency would purchase this property
for $1,100,000 or $31.56 per square foot of land area. Mike Scarcella, MAI, of
Capital Realty Advisors (a real property appraisal firm), was consulted to validate this
value. Mr. Scarcella indicated that current market values for vacant land in this
location are $30.00 to $33.00 per square foot. Staff is requesting an additional
$75,000 to cover closing costs, title and environmental site investigation costs. The
Agreement further provides that the Agency will make an initial deposit of $50,000
with the rest of the purchase price paid upon closing. Further, upon Agreement
execution, the Agency will have a 30 day due diligence period to conduct
environmental reviews and other due diligence efforts. Before the transaction can
close, the Probate Court must approve the sale, thus we anticipate closing sometime in
mid -October.
The broker for the transaction has prepared a form agreement used regularly in probate
sales. Since this is a probate sale, Agency legal counsel believes this Agreement will
better facilitate probate court review and acceptance of this transaction than the
typical Agency Purchase and Sale Agreement.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency Board include:
1 . Adopt a Resolution of the Redevelopment Agency approving a Probate Purchase
and Sale Agreement and Joint Escrow Instructions for the purchase of 34,848
square feet of property located at Avenida Montezuma, west of Avenida
Navarro, across from the La Quinta Community Park, authorize the Acting
Executive Director to execute the Agreement and any other necessary
documentation, and appropriate $1,175,000 from the Project Area No. 1 Low
and Moderate Income Reserves, Account Number 245-0000-290.00-00 to
cover acquisition, closing costs, and environment investigation expenses; or
2. Do not adopt a Resolution of the Redevelopment Agency approving a Probate
Purchase and Sale Agreement and Joint Escrow Instructions for the purchase of
34,848 square feet of property located at Avenida Montezuma; or
3. Provide staff with alternative direction. 22
Respectfully submitted,
r
Douglas R. Evans
Assistant City Manager — Development Services
Approved for submission by:
/4T /// Ya v,
Thomas P. Genovese, Executive Director
Attachment : 1. Probate Purchase Agreement and Joint Escrow Instructions.
4.0 23
RESOLUTION RA NO. 2007-
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY
APPROVING A PROBATE PURCHASE AND SALE AGREEMENT AND
JOINT ESCROW INSTRUCTIONS BETWEEN THE LA QUINTA
REDEVELOPMENT AGENCY AND THE ESTATE OF AUDREY B.
OSTROWSKY, FOR PROPERTY DESCRIBED AS LOTS 5-12, BLOCK
129 SANTA CARMELITA AT VALE LA QUINTA NO. 14 (APN 773-
077-014)
WHEREAS, the La Quinta Redevelopment Agency ("Agency") is a
public body, corporate and politic, organized and existing under the California
Community Redevelopment Law ("Health & Safety Code § 33000 et seq.) ("CRL");
and
WHEREAS, pursuant to the CRL, the Agency and the City Council of
the City of La Quinta ("City" or "City Council," as applicable) previously approved
and adopted the Redevelopment Plan, as amended ("Redevelopment Plan") for
Project Area No. 1 ("Project Area"); and
WHEREAS, Health and Safety Code Section 33391 authorizes the
Agency to acquire real property for purposes of redevelopment; and
WHEREAS, Agency staff has negotiated a Probate Purchase and Sale
Agreement and Joint Escrow Instructions ("Agreement") with the Estate of Audrey
B. Ostrowsky ("Seller"), which provides for Agency's purchase from Seller of
certain real property located in the Project Area (the "Property") for One Million One
Hundred Seventy•Five Thousand Dollars ($1,175,000.00), conditioned on Agency's
satisfaction or waiver of all of the conditions to close set forth in the Agreement;
and
WHEREAS, all actions required of the Agency to be taken precedent to
review and consideration of the Agreement by the Agency have been taken in
accordance with applicable law.
NOW, THEREFORE, BE IT RESOLVED BY THE LA QUINTA
REDEVELOPMENT AGENCY AS FOLLOWS:
1. The Agency finds and determines that the Agreement effectuates the
purposes of the Community Redevelopment Law (Health & Safety Code § 33000 et
seq.) and of the Redevelopment Plan and is in the best interests of the citizens of
the City of La Quinta.
2. The Agreement, a copy of which is on file with the Agency Secretary,
is hereby approved. The Agency Executive Director and Agency Counsel are hereby
authorized and directed to make final modifications to the Agreement that are Zit
Resolution RA No. 2007-
Purchase and Sale Agreement - Ostrowsky
Adopted: August 7, 2007
Page 2 of 2
are consistent with the substantive terms of the Agreement approved hereby, and
the Agency Executive Director is authorized to thereafter sign the Agreement on
behalf of the Agency.
3. The Agency Executive Director is authorized and directed, on behalf of
the Agency, to (i) sign such other and further documents, including but not limited
to subordination agreements and escrow instructions that require the Agency's
signature, and (ii) take such other and further actions, as may be necessary and
proper to carry out the terms of the Agreement.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the La
Quinta Redevelopment Agency held this 7th day of August, 2007, by the following
vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
LEE M. OSBORNE, Agency Chair
City of La Quinta, California
ATTEST:
VERONICA J. MONTECINO, Agency Secretary
City of La Quinta, California
APPROVED AS TO FORM:
M. KATHERINE JENSON, Agency Counsel
City of La Quinta, California
882/015610-0002 .0 " 25
833096.01 a08/01/07 _2
ATTACHMENT #1
C A L I F O R N I A DISCLOSURE REGARDING
REAL ESTATE AGENCY RELATIONSHIPS
® ASSOC IA'T 10 NN (As regWred by the Civil Code)
®� OF REALTORS (C.A.R. Form AD, Revised 411111111)
when you enter into a discussion with a real estate agent regarding a real estate transaction, you shouid 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 the Seller acts as the agent for the Seller only. A Seller's agent or a subagent of that agent has the
following affimhadve obligations:
To the Seller:
A Fiduciary duty of utmost care, integrity, honesty and loyalty in dealings with the Seger.
To the Buyer and the Seller.
(a) Diligent exercise of reasonable skill and care in performance of the agents duties.
(b) A duty of honest and fair dealing and good faith.
(c) A d M to disclose all facts known
observation of, to thpa
rties.
agent
materially affecting the value or desirability of the property that are not known to, or within the
dili
ention
An agent Is not obligated to reveal to either parry any confidential Information obtained from the other party that does not Involve the affirmative duties set
forth above.
BUYER'S AGENT
A selling agent can, with a Buyer's consent, agree to act as agent for the Buyer only. In these situations, the agent is not the Seller's agent, even If by
agreement the agent may receive compensation for services rendered, either In full or in part from the Seller. An agent acting only for a Buyer has the
following affirmative obligations:
To the Buyer:
A fiduciary duty of utmost care, Integrity, honesty and loyalty in dealings with the Buyer.
To the Buyer and the Seger:
(a) Diligent exercise of reasonable skill and care in performance of the agents duties.
(b) A duty of honest and fats dealing and good faith.
(c) A duty to disclose all fads known to the agent materially affecting the value or desirability of the property that are not (mown to, or within the
diligent attention and observation of, the parties.
An agent is not obligated to reveal to either parry any confidential information obtained from the other party that does not Involve the affirmative dudes set
forth above.
AGENT REPRESENTING BOTH SELLER AND 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 the Seller or the Buyer.
(b) Other dotes 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 parry, 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 Seiler or Buyer from the responsibility to protect his or her own Interests. You
should carefully read all agreements to assure that they adequately exprees 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 professlonal.
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 Sections 2079.13 to 2079.24, Inclusive, of the Civil Code set forth on page 2. Read it carefully.
IIWE ACKNOWLEDGE RECEIPT OF A COPY OF THIS DISCLOSURE AND THE PORTIONS OF THE CIVIL CODE PRINTED ON THE BACK (OR A
SEPARATE PAGE).
® BUYER ❑ SELLER Date
La Quinta Redevelopeont Agency
❑ BUYER ❑ SELLER Date
Time ❑ AM ❑ PM
Time ❑ AM ❑ PM
Agent P unign Re DRE Lie. a mw776792
Broker (Finn
By ORE Uc. a 00898943 Date .Taff 30 2007
Aronson NAtte
THIS FORM SHALL BE PROVIDED AND ACKNOWLEDGED AS FOLLOWS (Civil Code §2079.14):
• when the listing brokerage company also represents Buyer, the Listing Agent shall have one AD form signed by Seller and one signed by Buyer.
• When Buyer and Seller are represented by different brokerage companies, the Using Agent shall have one AD form signed by Seller and the Buyer's
Agent shall have one AD form signed by Buyer and one AD form signed by Seller.
The copyright lava of the Untied States (Title 17 U.S. Code) forbid the urmuahorusa oaucaon or ws went, w a wrw,. n,e,•,n, yr .•.o.,..., — — _.1 -
Inctudng tacalmee orcomputedzed formats. Copydght01991.2007, CALIFORNIA AS OCIATION OF REALTOR INO. ALL RIG RESERVED.
THIS FORM HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTCRSO (CA.R.). NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR
ADEQUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE
TRANSACTIONS. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL
This fomi is available for use by the entire real estate Industry. it is not Intended to reentry the user as a REALTOPA REALTORS Is a registered collective membership man
which may be used only by members of the NATIONAL ASSOCIATION OF REALTORS9 who subscribe to is Code of Ethos.
PueaMd ad Ux�dedbIr
• REV. ESTATE BUSINE56557m9CES, INC.
c s subddWofft CesMninAvwllift 01flEALT0898 12)
• 825Sourh Ywg9AMW to ArpWs. Caaerr9a 901020 Reviewed by Dab ®rarMe�arncm
AD REVISED 4M (PAGE 1 OF 2)
DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIPS (AD PAGE 1 OF 2)
Agent: Bronson White Phone:(780) 322.08001 Fax:(760) 888. 1449 Prepared using WINForme® software
Broker: Pacific Union GMAC Real Estate 1345 N Palm Canyon Or Palm Springs, CA 92252 4
L
CIVIL CODE SECTIONS 2079.13 THROUGH 2O79.24 (2079.16 APPEARS ON THE FRONT)
2079.13 As used In Sections
(a) 'Agent' means a person
licensed as a real estate bra
whose license a listing is ex,
salesperson under Chapter
under a broker or has enters
function under the broker's s
associate licensees who per
Principal, Ina real propertyI
Buyer' means a transferee
agent, or who seeks the se
transaction. 'Buyer" includes
the seller and the buyer In a
the agent has been authoriz
property to act as an agent h
the real property through thl
wiling to buy the real props
contract for the sale of the n
14 to 2079.24, inclusive, the fol
under provisions of fitie 9 (cor
let Chapter 3 (commencing will
or an offer to ppurchase Is obt
mencing with Baction 10130)
a written contract with a broke
lion in the capacity of an ass*
s agents of the agent When E
tion, that duty is equivalent to
at property transaction, and Inn
of an agent in more than a c
is or lessee. (d)'Dual agent' i
operty transaction. (a Usting
tell the real property or to find
Denotation. ( L'sling price' is
I aggant. (h)� Sling price' is
'Other to purchase' mean$a
perry upon ac we by the
r is it roved with one to four
mobile homes, when offered for sate of sold through an agent purem
(it)'Real property transaction' means a transaction for the sale of re
transaction, and includes a listing or an offer to purchase. (n'Sell,'
the buyer, and includes exchanges of real property between the se
meaning of Section 2985, and transactions for 8hi creation of a lease
transaction, and includes an owner who lists real properly with an ag
of which he or she is the owner from an agent on beh 1 of another
who acts alone, or an agent who acts in cooperation with a listing a
locates property for a buyer or who finds a buyer for a property for
means a person to whom an agent delegates agency,bwers as p
'subagent' does not include an associate ' Sae who Is acting. and
2079.14 Listingg agents and selling
Section 2079.16, and, except as
Provided in this section or Section
stng agreement. (6) The selling s
purchase, unless the selling agent
does not deal on a face-to•faee
acknowledgement of receipt obtalr
certified mall addressed to the set
agent shall provide the disclosure
purchase is not prepared by the se
setting agent receives the offer to r
terns have
b)'Assoc)ate licensee' means a person who Is II(
of Division 4 of the Business and Professions
as the broker's agent in connection with acre regi
ensee. The agent in the real property transaction
rclate licensee owes a duty to any principal, or to
ty owed to that party by the broker for whom the
a person who executes an offer to purchase real
transitory, or preliminary manner, with the objec
an agent acting, either directly or through an ass(
nenN means a contract between an owner of real
authority contained In
V Inwh h an agent is i
sold° refers to a transl
uyer, transactions for t
tatting one year's dural
ter or not a transfer res
ncludes both a vendor
who sells or finds and
nagrrhhgg exists and pros
Article 5 ((commencm(
ervision of an agent In
In a real orooedv tram
asis with the seller, the disclosure -form prepared by the
I for the selling agent from the seller) by the listing agent, or
at his or her last lmown address, inwhich case no signed ac
m to the buyer as soon as practicable prior to execution of th
g agent, the selling agent shall present the disclosure form to ti
one or more
transfer of r
an
id Includes a person who Is
rofesslons Code, and under
d as a real estate broker or
and who is either licensed
a real estate license and to
i responsiblifty for his or her
Duyer or seller who Is not a
ciets licensee functions. (c)
arty from a seller through an
Merin Into a real property
licensee, as agent for bogh
the
1e prncipaIs to act in that
xoperty trom the saber to
sales contract within the
snsferor in a real property
to purchase real property
rat' means a listina Scent
Section 2349) of Chapter 1 of Title 9. Mowevei
property transaction.
1 with a copy of the disclosure form specified In
of receipt from that seller or buyer, except as
court form to fhe seller prior to entering Into the
ble odor to Dre tontine the eater with an otter to
offer to pumhas
not later than the
2079.15 In any circumstance in which the seller or buyer refuses to Sign an acknowledgement of receipt pursuant to Section 2079.14, the agent, or an
associate licensee acting for an agent, shall set forth, sign, and date a written declaration of the facts of the refusal.
2079.17 Sa) As soon as practcable, the selling agent shall discosa to the buuyyeer and seler whether the selling aunt is acting in She real property transaction
exclusive y as the buyers agent, exclusively as the seller's agent, o ea a dhml agent representingg both the buyer and the seller. This relallonsh� shall be
telf
confirmed rn the contract to purchase and sell real property or Ina separate writing executed or acfmowledged by the seller, the buyer, and She sellingg agent
prior io or coincioent with execution of that contract by the buyer antl the sailer, respectively. (b) As soon as practicable, the listing agent shall discose to
and seller Theis relati*hsh fp shell be confirmed in the 1 ontractt purdhase and sell real propartyl or naa separate writing ex�eutedpror aoknowladgedeby tyhe
seller and the listing agent prior to or coincident with the execution of that coMreet by the seller.
(c) The confirmation required by subdivisions (a) and 0) shall be in the following form.
E%Mll'MEfFiLt� MU IM, is the agent of (check one): ❑ the seller exclusively; or ❑ both the buyer and seller.
(Name of Listing Agent)
^-',p'(}#ra1�-ih'ri+S_q_-_ is the agent of (check one): ❑ the buyer exclusively; or ❑ the seller exclusively; or
(Name of Selling Agent 0 not t e same as the Listing Agerhry ❑ both the buyer and Seiler.
(d) The disclosures and confirmation required by this section shall be in addition to the disclosure required by Section 2079.14.
2070.18 No selling agent in a real property transaction may act as an agent for the buyer only, when the selling agent is also acting as the listing agent In
the transaction.
2079.19 The payment of compensation or the obligation to pay compensation to an agent by the seller or buyer is not necessarily determinative of a
particular agency relationship between an agent and the seller or buyer. A Haling agent and a setting agent may agree to share any compensation or
commission paid, or any right to any consction or commission for which an obligation arises as the result of a real estate transaction, and the terms of
any such agreement shall not necessarily , determinative of a particular relationship.
2079.20 Nothing in this article prevents an agent from selecting, as a condition of the agent's employment, a specific form of agency relationship not
specifically prohibited by this article it the requirements of Section 2079.14 and Section 2079.17 are complied with.
2979.21 A dual agent shall not disclose to the buyer that the seller is wiling to sell the pproperty at a price lass than the Noting price, without the express
written consent of the seller. A dual agent shall not disclose to the seller that the buyer (s willing to pa a price greater than the offering price, without the
express written consent of the buyer. This section does not after In any way the duly or responsibility of a dual agent to any principal with respect to
confidential Information other than price.
2079.22 Nothing In this article precludes a listing agent from also being a selling agent, and Me combination of these functions in one agent does not, of
itself, make that agent a dual agent.
2079.23 A contract between the principal and aggent may be modified or atered to change the agency relationship at any time before the performance of the
act which is the object of the agency with the Zen consent of the parties to the agency relationship.
2079.24 Nothing in this article shall be construed to either diminish the duty of disclosure owed buyers and sellers by, agents and their associate licensees,
subagents, and am as or to relieve agents and their associate Ncensees, subagents, and employees from Halt ity for air conduct in connection with
acts governed by this article or for any breach of a fiduciary duty or a duty of disclosure. Buyer's Initiets ( ) ( )
Copyright 01991-2007. CALIFORNIA ASSOCIATION OF REALTORSO. INC. Seller's Initials ( ) ( )
AD REVISED 4M (PAGE 2 OF 2) 1Reviewed by Date ni wraurr
DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIPS (AD PAGE 2 OF 2) istste ofCIW
CALIFOANIA DISCLOSURE AND CONSENT FOR
Q ASSOCIATION REPRESENTATION OF MORE THAN ONE
Ift OF AEALTOASO BUYER OR SELLER
V
(C.A.R. Form DA, 11A6)
A real estate broker, whether a corporation, partnership or sole proprietorship, ('Broker) may represent more than one
buyer or seller provided the Broker has made a disclosure and the principals have given their consent. This multiple
representation can occur through an individual licensed as a broker or through different associate licensees acting for the
Broker. The associates licensees may be working out of the same or different office locations.
Broker (individually or through its associate licensees) may be working with many prospective buyers at the same time.
These prospective buyers may have an interest in, and make offers on, the same properties. Some of these properties may
be listed with Broker and some may not. Broker will not limit or restrict any particular buyer from making an offer on any
particular property whether or not Broker represents other buyers interested in the same property.
Broker (individually or through its associate licensees) may have listings on many properties at the same time. As a result,
Broker will attempt to find buyers for each of those listed properties. Some listed properties may appeal to the same
prospective buyers. Some properties may attract more prospective buyers than others. Some of these prospective buyers
may be represented by Broker and some may not. Broker will market all listed properties to all prospective buyers whether
or not Broker has another or other listed properties that may appeal to the same prospective buyers.
Buyer and Seller understand that Broker may represent more than one buyer or seller and even both buyer and seller on
the same transaction
If Seller is represented by Broker, Seller acknowledges that Broker may represent prospective buyers of Seller's property
and consents to Broker acting as a dual agent for both Seller and Buyer in that transaction.
If Buyer is represented by Broker, Buyer acknowledges that Broker may represent sellers of property that Buyer is
interested in acquiring and consents to Broker acting as a dual agent for both Buyer and Seller with regard to that property.
In the event of dual agency, Seller and Buyer agree that: (a) Broker, without the prior written consent of the Buyer, will not
disclose to Seller that the Buyer is willing to pay a price greater than the offered price; (b) Broker, without the prior written
consent of the Seller, will not disclose to the Buyer that Seller is willing to sell property at a price less than the listing price;
and (c) other than as set forth in (a) and (b) above, a Dual Agent is obligated to disclose known facts materially affecting
the value or desirability of the property to both parties.
NON CONFIDENTIALITY OF OFFERS: Buyer is advised that Seller or Listing Agent may disclose the existence, terms, or
conditions of Buyer's offer unless all parties and their agent have signed a written confidentiality agreement. Whether any
such information is actually disclosed depends on many factors, such as current market conditions, the prevailing practice
in the real estate community, the Listing Agent's marketing strategy and the instructions of the Seller.
Seller and/or Buyer acknowledges reading and understanding this Disclosure and Consent for Representation of
More than One Buyer or Seller and agree to the dual agency possibility disclosed.
❑ Seller ❑x Buyer Date July 30, 2007
La(juiata Redevelopment Agency
❑ Seiler ❑ Buyer
Rea
By
Date
Date July 30, 2007
The copyright lam of the United Slates (Title 17 U.S. Coda) forbid the unauthoezed reproduction of the torn, or any podlon thereof, by pholocopy machine or any other means,
Inducing facs"s or computerized formate Copydght01091-2008, CALIFORNIA ASSOCIATION OF REALTORS&. INC. ALL RIGHTS RESERVED.
THIS FORM HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORSO (CAR.). NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR
ADEQUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE
TRANSACTIONS. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL
This form is available for use by the amtre real astate Industry. it Is not Intended to Identify the user as a REALTOPA. REALTOWD is a registered collective membeship mark
which may be used only by members of the NATIONAL ASSOCIATION OF REALTORSO who subscdbs to He Code of Ethics.
Published and Distributed by:
S� a � REAL ESTATE BUSINESS SERVICES, INC.
a subsidiary of the CafHomis Association ofREALTORS& Revbwed by Data
m°Sv n rsuxasr� 525 South Virgil Avenue, Los Angeles, California 9=0
DA 11106 (PAGE 1 OF 1)
REPRESENTATION OF MORE THAN ONE BUYER OR SELLER (DA PAGE 1 OF 1)
Agent: Bronson White Phone: (760) 822 - 98W 1 Felt (760) 88S • 1449 Prepared using WINForms® software
broker. Pacific Union GMAC Real Estate 1345 N Palm Canyon Or Palm Springs, CA 92282
C A L I F O RNIA
PROBATE PURCHASE AGREEMENT AND JOINT
Q A S S O CIA T 1 0 N
ESCROW INSTRUCTIONS
��. OF R E A L T O R S of
For Probate, Conservatorship and Guardianship Property
Under the Authority of the Probate Code
(C.A.R. Form PPA, Revised 1106)
Date _uly 30_ 2007 , at — oui+.t:s , California.
To the court•appolnled representative of an estate, conservatorship or guardianship Identified In the Superior Court ("Seller'l:
1. OFFER: ("Buyer.
A. THIS IS AN OFFER FROM n
B. THE REAL PROPER�.Try/!V-- TO B ACQUIRED is described as -
LA/T� !Y� , Assessor's Parcel No. 773-077-014 situated In
ra Ouinta , County of Rivaraido . California, ("Properly").
C. THE PURCHASE PRICE offered is One MSllion One Rtindred Thou eaad
Dollars$ 1-100. 000-00
D. CLOSE OF ESCROW shall occur on (date) (or ❑ Days After Acceptance)
If court confirmation of the sale is NOT REQUIRED. If court confirmation of the sale Is REQUIRED: 0) escrow shall close within 10 (or )
Days from Escrow Holder's or Buyer's receipt of a Copy of the court Order Confirming Sale; and (in Seller shall not be obligated to sign escrow
Instructions or Incur any escrow costs prior to court confirmation.
The Property Is sold "AS IS; in its present condition as of the date of Acceptance, unless otherwise agreed In writing.
2. FINANCE TERMS: Obtaining the loans below is NOT a contingency of this Agreement unless paragraph 2C(3) is checked below. If Buyer does not
obtain the loart(s) and as a result Buyer does not purchase the Property. Seller may be entitled to Buyer's deposit or other Legal remedies. Obtaining
deposit, down payment and closing costs are covenants of this Agreement Buyer represents that funds will be good when deposited with Escrow
Holder.
A. INITIAL DEPOSIT: Buyer has given a deposit In the amount of .......................................... $ 50, 000.00
to the agent submitting the offer (or to ® ny,.uf rd Escrow _ ), by personal check
(or ❑ ,) made payable to richford Escrow _ ,
which shall be held uncashed until Acceptance and then deposited within 3 business days after Acceptance
(or ❑ , ) with
Escrow Holder, (or[] into Broker's tout account)
S. INCREASED DEPOSIT: Buyer shall deposit with Escrow Holler an Increased deposit in the amount of ..... $
within Days After Acceptance, or ❑
C. FIRST LOAN IN THE AMOUNT OF (Not a contingency unless paragraph 2C(S) Is checked) ................. $
(1) NEW First Deed of Tout in favor of lender, encumbering the Properly, securing a note payable at maximum
interest of %fixed rate, or % Initial adjustable rate with a maximum interest rate
of %, balance due In years, amortized over years. Buyer shall
pay loan feearpolms not to exceed . (These terms apply whether the designated ban
Is conventional, FHA or VA.)
(2) ❑ FHA, ❑ VA: (The following terms only apply to the FNA or VA ban that is checked.) Seller shall pay
_ % discount points. Seller shall pay other fees not allowed to be paid by Buyer,
❑ not to exceed $ _ . Seller shall pay the cost of lender required Repairs (including
those for wood destroying pests) not otherwise provided for in this Agreement, ❑ not to exceed
$ . (Actual ban amount may Increase If mortgage Insurance premiums, funding
fees or closing costs are financed.)
(3) ❑ LOAN CONTINGENCY: (Applies only U checked) Obtaining the ban above is a contingency of this
Agreement (a) LOAN APPLICATIONS: Within 7 (or ❑ ) Days After Acceptance, Buyer shall
provide Seller a letter from lender or mortgage loan broker stating that, based on a review of Buyer's written
application and credit report, Buyer is prequali0ed or preapproved for the NEW loan Indicated above.
(b) LOAN CONTINGENCY REMOVAL- (1) Within 17 (or ❑ ) Days After Acceptance, Buyer
shall, as specified In paragraph 17, remove the loan contingency or cancel this Agreement; OR (I) (6 checked)
❑ the ban contingency shall remain in effect until the designated loans are funded.
D. ADDITIONAL FINANCING TERMS: Consideration co be all cash. . - $
E. BALANCE OF PURCHASE PRICE (not Including costs of obtaining loans and other closing coals) in the amount of .. $ 11050, 000 a 00
to be deposited with Escrow Holler within sufficient time to close escrow.
F. PURCHASE PRICE(TOTAL):..............................................................$ 1,100,000.00
G. VERIFICATION OF DOWN PAYMENT AND CLOSING COSTS: Buyer (or Buyer's lender or loan broker pursuant to 2C(3)) shall, within
7 (or ❑ ) Days After Acceptance, provide Seller written verification of Buyer's down payment and closing costs.
H. APPRAISAL CONTINGENCY AND REMOVAL: This Agreement is (OR. If checked, ❑ is NOT) contingent upon the Property appraising at no
less than the specified purchase price. If there is a loan contingency, at the time the ban contingency is removed (or, 0 checked, ❑ within 17
(or ❑ ) Days After Acceptance), Buyer shall, as specified in paragraph 17, remove the appraisal contingency or cancel this Agreement.
If there is no loan contingency, Buyer shall, as specified In paragraph 17, remove this appraisal contingency within 17 (or ) Days
After Acceptance.
I. IN ALL CASH OFFER (If checked): No loan is needed to purchase the Property. Buyer shall, within 7 (or ®ji0 ) Days After Acceptance,
provide Seller written verification of sufficient funds to close this transaction.
The capyrlg'A lava of the UNted Slates trite 17 U.S. Code) forbid the uneusadzed
rePredudlon of this form, or enY potion theroof, by Pirotaopy maehthe or arhy Oder
means, induding lealydle or compulodzed formats. CopydgN O 1 2006,
CALIFORNIA ASSOCIATION OF REALTORli®, INC. ALL RIOHTS RESERV W.
PPA REVISED 1/06 (PAGE 1 OF 8)
Sellers Instals ( ) ( )
Sellars INllak
Reviewed by Date WPaI1wrtV
Agent: Bronson White Phone: (760) 322. SSW I Fax:(760) 883-1449 Prepared tieing WINFormsw. nware
Broker: Pacific Union GMAC Real Estate 134S N Palm Canyon Or Palm Springs CA 92262 29
_.:._ oa,� r.. m.,.,«. ,w. .1� Date:mi,ly 30. 2007
Property Address: - Sant, '
3. DETERMINATION OF COURT CONFIRMATION (Check the option below that applies):
A. ® Court Confirmation Required: The sale is contingent upon court confirmation. This allows for open, competitive bidding at
the court hearing. The minimum overbid price shall be an amount equal to the accepted purchase price, plus five percent of that
amount, and $500. The court shall determine any further incremental overbidding amounts. See paragraphs 4 and 5 for terms of
court confirmation of the sale.
B. ❑ Court Confirmation Not Required: Court confirmation of the sale may not be required, subject to notice of the terms of the
sale to beneficfaries/heirs. if a beneficiary/heir objects to the terms of sale, court confirmation of the sale shall be required. See
paragraphs 4 and 5 for terms of court confirmation of the sale. Buyer shall have 3 Days After receipt of notification of a
beneficiary or heir's objection to elect to cancel this Agreement. if Buyer elects to cancel, Seller shall refund deposit money held,
less applicable costs.
C. ❑ Court Confirmation Undetermined: Seller shall Inform Buyer at the time of Acceptance, or as soon as practicable thereafter,
if court confirmation is required. If court confirmation is required, the sale will proceed under paragraph 3A. If court confirmation is
not required, the sale shall proceed under paragraph 3B.
4. WHEN COURT CONFIRMATION IS REQUIRED: Seller shall file a Petition to confirm the sale of the Property with the court. A court
confirmation hearing is held approximately 20 to 45 days after the Petition Is filed. Seller shall notify Buyer in writing of the court
confirmation hearing date, time and location. Broker strongly recommends that Buyer personally appear at the court confirmation
hearing to protect Buyer's position in the event of overbidding.
California Probate Code may require a legal notice to be published In a local newspaper advertising the sale of the Property. If
publication is required, Buyer understands that Seller is unable to accept Buyer's offer until after the expiration of the period set forth
In the published notice. In such case, acceptance of this offer prior to publication Is VOIDABLE.
If the court approves the sale to Buyer, all deposit money held on behalf of Seller shall be applied toward the purchase price. If
the sale is not confirmed to Buyer due to an overbid, Buyer's deposit money, less applicable costs, shall be returned to Buyer. if the
sale is confirmed by the court, an Order Confirming Sale to Buyer will be issued by the court. Buyer shall pay the balance of the
purchase price within 10 (or ❑ ) Days from receipt of such Order by Escrow Holder or Buyer.
The purchase price offered must be at least 90 percent of the probate referee's appraised or reappraised value of the Property,
unless exempt. If the purchase price is less than 90 percent of the probate referee's appraised value, Buyer may increase the
purchase price to the minimum amount required, or may withdraw from this transaction and receive a refund of Buyer's deposit, less
applicable costs.
IF BUYER DEFAULTS AFTER COURT CONFIRMATION, THE ORDER CONFIRMING SALE MAY BE VACATED. THIS MAY
RESULT IN BUYER'S FORFEITURE OF THE FULL DEPOSIT, OR ANY AMOUNT THE COURT MAY DETERMINE TO SATISFY
ANY DEFICIENCY OF SALE PRICE, COSTS, OR OTHER LOSSES BY THE SELLER.
5. DELAYED FILING OF THE PETITION TO SET THE COURT SALE DATE: If this is a court -confirmed sale, Seller will NOT cause the
petition to be filed with the court to confirm the sale until: (I) Buyer has designated vesting In writing pursuant to paragraph 16; AND
(11) the contingencies checked below have been waived or removed by Buyer. (Check boxes which apply):
A. ❑ Financing Contingency (paragraph 2C(3)).
B. ❑ Lead -Based Paint Hazard Disclosures (paragraph 8A).
C. ❑ Natural and Environmental Disclosures (paragraph 8B).
D. ❑ COndominlum/Planned Unit Development Disclosures (paragraph 9B).
E. ❑ Buyer's Investigation of Property (paragraph 12).
F. ❑ Review Of A Preliminary (Title) Report (paragraph 15A).
6. CLOSING AND OCCUPANCY:
A. Buyer Intends (or (& does not intend) to occupy the Property as Buyer's primary residence.
B. Seller -occupied or vacant property: Occupancy shall be delivered to Buyer at 3:00 [JAM ® PM, ®on the date of Close
Of Escrow; ❑ on ; or ❑ no later than Days After Close Of Escrow (C.A.R. Form PAA, paragraph 2).
If transfer of title and occupancy do not occur at the same time, Buyer and Seller are advised to: (1) enter into a written occupancy
agreement; and (If) consult with their insurance and legal advisors.
C. Tenant -occupied property: (I) the Property shall be vacant at least 5 (or ❑ ) Days Prior to Close Of Escrow,
unless otherwise agreed in writing. Note to Seller: If you are unable to deliver the Property vacant In accordance with rent
control and other applicable Lew, you may be In breach of this Agreement.
OR (14 (If checked) ❑ Tenant to remain In possession. The attached addendum is incorporated into this Agreement.
(C.A.R. Form PAA, paragraph 3).
OR all) (if checked) ❑ This Agreement Is contingent upon Buyer and Seller entering Into a written agreement regarding
occupancy of the Property within the time specified in paragraph 17. If no written agreement is reached within this time, either
Buyer or Seller may cancel this Agreement in writing.
D. At Close Of Escrow, Seller assigns to Buyer any assignable warranty rights for Items included In the sale and shall provide any
available Copies of such warranties. Brokers cannot and will not determine the assignability of any warranties.
E. At Close Of Escrow, unless otherwise agreed In writing, Seiler shall provide keys and/or means to operate all locks, mailboxes,
security systems, alarms and garage door openers. If the Properly is a condominium or located In a common interest subdivision,
Buyer may be required to pay a deposit to the Homeowners' Association ('HOA') to obtain keys to accessible HOA facilities.
Buyers Initials ( ) ( )
Sellers Initials( ) ( )
CopyrightO 1OW20M, CALIFORNIA ASSOCIATION OF REALTORM, INC.
PPA REVISED 1106 (PAGE 2 OF 8) Reviewed by oats ormmuv
PROBATE PURCHASE AGREEMENT (PPA PAGE 2 OF 8)
EsSpte ofOstr 39
Property Address: Lot, " -_ -k 129 ,.__._ .&—_,.._ - .. We 1A MAMA So _14 Dateruly 10, 2007
7. ALLOCATION OF COSTS (if checked): Unless otherwise specified here, this paragraph only determines who Is to pay for the report,
inspection, test or service mentioned. If not specified here or elsewhere in this Agreement, the determination of who is to pay for any
work recommended or Identified by any such report, inspection, test or service shall be by the method specified in paragraph 17.
A. WOOD DESTROYING PEST INSPECTION:
(1) ❑ buyer ❑ Seller shall pay for an Inspection for wood destroying pasts and organisms (°Report), which shall be prepared
a registered structural pest
control company. The Report shall cover the accessible areas of the main building and attached structures and, if checked:
❑ detached garages and carports, ❑ detached decks, ❑ the following other structures or areas: The Report shall
not include roof coverings. If the Property is a condominium or located in a common interest subdivision, the Report shall
include only the separate interest and any exclusive -use areas being transferred, and shall not include common areas,
unless otherwise agreed. Water tests of shower pans on upper level units may not be performed without consent of the
owners of property below the shower.
OR(2) ❑ (If checked) The attached addendum (C.A.R. Form WPA) regarding wood destroying past inspection and allocation of cost
Is incorporated into this Agreement.
B. OTHER INSPECTIONS AND REPORTS:
(1) ❑ Buyer ❑ Seller shall pay to have septic or private sewage disposal systems Inspected
(2) ❑ Buyer ❑ Seller shall pay to have domestic wells tested for water potability and productivity
(3) ❑ Buyer 1$ Seller shall pay for a natural hazard zone disclosure report prepared by prcpercy m
(4) ❑ Buyer ❑ Seiler shall pay for the following inspection or report
(5) ❑ Buyer ❑ Seller shall pay for the following inspection or report
C. GOVERNMENT REQUIREMENTS AND RETROFIT:
(1) ❑ Buyer ❑ Seller shall pay for smoke detector installation and/or water heater bracing, 8 required by Law. Prior to Close Of
Escrow, Seller shall provide Buyer a written statement of compliance in accordance with state and local Law, unless exempt.
(2) ❑ inspections and sportpay
f rthe equired t of a conditioncompliance
closing any
then minimummandatory government retrofit standards,
der any Law.
D. ESCROW AND TITLE:
(1) ® Buyer 12 Seiler shall pay escrow fee so: so am cus worn -
Escrow Holder shall be Pj ckF-rd Reemov
(2) ❑ Buyer ® Seller shall pay sub -escrow and reconvepa yance fees resulting from of
existing
encum rece ns
(3) ❑ Buyer ® Seller shall pay for drawing and recording of the deed or other document of conveyance
(4) ❑ Buyer ® Seller shall pay for owner's title insurance policy specified in paragraph 15
Owner's title policy to be issued by seller -a ch0iae
(Buyer shall pay for any title insurance policy insuring Buyer's lender, unless otherwise agreed in writing.)
E. OTHER COSTS:
(1) ❑ Buyer ® Seller shall pay County transfer tax or transfer fee
(2) ❑ Buyer ❑ Seller shall pay City transfer tax or transfer fee
(3) ❑ Buyer ❑ Seller shall pay HOA transfer fees
(4) ❑ Buyer ❑ Seller shall pay HOA document preparation fees , of a one- home warrant Ian,
(5) ❑ Buyer [3 Seller shall pay the cost, not to exceed $ Year y P
issued by _ '
with the following optional coverage:
(6) ❑ Buyer ❑ Seller shall pay for
(7) ❑ Buyer ❑ Seller shall pay for
8. STATUTORY DISCLOSURES (INCLUDING LEAD -BASED PAINT HAZARD DISCLOSURES) AND CANCELLATION RIGHTS:
A. (1) Seller shall, within the time specified in paragraph 17, deliver to Buyer, if required by law, Federal Lead -Based Paint
Disclosures and pamphlet (°Lead Disclosures").
(2) Buyer shall, within the time specified in paragraph 17, return Signed Copies of the Lead Disclosures to Seller.
(3) In the event Seiler, prior to Close Of Escrow, becomes aware of adverse conditions materially affecting the Property, or any
material inaccuracy in disclosures, Information or representations previously provided to Buyer of which Buyer is otherwise
unaware, Seller shall promptly provide a subsequent or amended disclosure, In writing, covering those items. However, a
subsequent or amended disclosure shall not be required for conditions and material inaccuracies disclosed in
reports ordered and paid for by Buyer.
(4) If any disclosure or notice specified in B(A)(1), or a subsequent or amended disclosure or notice is delivered to Buyer after the
offer is Signed, Buyer shall have the right to cancel this Agreement within 3 Days After delivery in person, or 5 Days After
delivery by deposit In the mail, by giving written notice of cancellation to Seller or Seller's agent (Lead Disclosures sent by
mail must be sent certified mall or better.)
(5) Note to Buyer and Seller: Waiver of Lead Disclosures Is prohibited by Law.
B. NATURAL AND ENVIRONMENTAL HAZARDS: Within the time specified in paragraph 17, Seller shall, If required by Law: (1)
deliver to Buyer earthquake guides (and questionnaire) and environmental hazards booldet; (i) disclose if the Property is located
in a Special Flood Hazard Area; Potential Flooding (inundation) Area; Very High Fire Hazard Zone; State Fire Responsibility
Area; Earthquake Fault Zone; Seismic Hazard Zone; and (III) disclose any other zone as required by Law and provide any other
Information required for those zones.
C. DATA BASE DISCLOSURE: Notice: Pursuant to Section 290.46 of the Penal Code, information about specified registered sex
offenders is made available to the public via an Internet Web site maintained by the Department of Justice at
www.meganslaw.ca.gov. Depending on an offender's criminal history, this information will include either the address at which the
offender resides or the community of residence and ZIP Code In which he or she resides. (Neither Seller nor Brokers are required
to check this website. If Buyer wants further Information, Broker recommends that Buyer obtain information from this webste
during Buyer's Inspection contingency period. Brokers do not have expertise in this area.)
Buyers Initials (
Sellers Initials ( ) ( ) C I
Copyright 01000-2008, CALIFORNIA ASSOCIATION OF REALTORM, INC. Revlevetl by Date wimnaw �r i
PPA REVISED 1/06 (PAGE 3 OF 8)
PROBATE PURCHASE AGREEMENT (PPA PAGE 3 OF 8) EBtdcO�Ostr 3
i
I
Property Address:- -_ �.� ..,,f vX71.u,r... a.., _14 Date:-, — an, aosz
9. CONDOMINIUM/PLANNED UNIT DEVELOPMENT DISCLOSURES:
A. SELLER HAS: 7 (or ❑ ) Days After Acceptance to disclose to Buyer whether the Property is a condominium, or
located in a planned unit development or other common interest subdivision.
B. If the Property is a condominium, or located in a planned unit development or other common interest subdivision, Seller has
3 (or❑ ) Days After Acceptance to request from the HOA (C.A.R. Form HOA): (I) Copies of any documents required by
Law•, (II) disclosure of any pending or anticipated claim or litigation by or against the HOA; (Ili) a statement containing the location
and number of designated parking and storage spaces; (hr) Copies of the most recent 12 months of HOA minutes for regular and
special meetings; and (v) the names and contact information of all HOAs governing the Property (collectively, "CI Disclosures").
Seller shall itemize and deliver to Buyer all Cl Disclosures received from the HOA and any CI Disclosures in Sellers possession.
Buyer's approval of CI Disclosures is a contingency of this Agreement as specified in paragraph 17.
10. CONDITIONS AFFECTING PROPERTY:
A. Unless otherwise agreed: (1) the Property is sold (a) in Its PRESENT physical condition as of the date of Acceptance and
(b) subject to Buyer Inspection rights; (ii) the Property, Including pool, spa, landscaping and grounds, is to be maintained in
substantially the same condition as on the date of Acceptance; and (III) all debris and personal property not included in the sale
shall be removed by Close Of Escrow.
B. SELLER SHALL, within the time specified in paragraph 17, DISCLOSE KNOWN MATERIAL FACTS AND DEFECTS
effecting the property, Including known Insurance claims within the past five years, AND MAKE OTHER DISCLOSURES
REQUIRED BY LAW.
C. NOTE TO BUYER: You are strongly advised to conduct Investigations of the entire Property in order to determine Its
present condition since Seller may not be aware of all defects affecting time Property or other factors that you consider
important. Property Improvements may not be bulk according to code, In compliance with current Law, or have had
permits Issued.
D. NOTE TO SELLER: Buyer has the right to Inspect the Property and, as specified in paragraph 17, based upon
Information discovered In those Inspections: () cancel this Agreement; or 01) request that you make Repairs or take
other action.
11. ITEMS INCLUDED AND EXCLUDED:
A. NOTE TO BUYER AND SELLER: Items listed as included or excluded In the MLS, flyers or marketing materials are not included
in the purchase price or excluded from the sale unless specified In 11 B or C.
B. ITEMS INCLUDED IN SALE:
(1) All EXISTING fixtures and fittings that are attached to the Property;
(2) Existing electrical, mechanical, lighting, plumbing and heating fixtures, ceiling fans, fireplace inserts, gas logs and grates,
solar systems, built-in appliances, window and door screens, awnings, shutters, window coverings, attached floor coverings,
television antennas, satellite dishes, private integrated telephone systems, air coolers/conditioners, pool/spa equipment,
garage door openers/remote controls, mailbox, In -ground landscaping, tresa/shrubs, water softeners, water purgers, security
systemstalarms.
(3) The following items:
(4) Seller represents that all items included in the purchase price, unless otherwise specified, are owned by Seller.
(5) All hems Included shall be transferred free of liens and without Seller warranty.
C. ITEMS EXCLUDED FROM SALE: w.
12. BUYER'S INVESTIGATION OF PROPERTY AND MATTERS AFFECTING PROPERTY:
A. Buyers acceptance of the condition of, and any other matter affecting, the Property is a contingency of this Agreement, as
specified in this paragraph and paragraph 17. Within the time specified In paragraph 17, Buyer shall have the right, at Buyer's
expense unless otherwise agreed, to conduct inspections, investigations, tests, surveys, and other studies ("Buyer
Investigations"), including, but not limited to, the right to: (I) inspect for lead -based paint and other lead -based paint hazards; (if)
inspect for wood destroying pests and organisms; (III) review the registered sex offender database; (iv) confirm the insurability of
Buyer and the Property; and (v) satisfy Buyer as to any matter specified In the attached Buyers Inspection Advisory (C.A.R. Form
BIA). Without Sellers prior written consent, Buyer shall neither make nor cause to be made: (1) Invasive or destructive Buyer
Investigations; or (It) inspections by any governmental building or zoning Inspector, or government employee, unless required by
Law.
B. Buyer shall complete Buyer Investigations and, as specified In paragraph 17, remove the contingency or cancel this Agreement.
Buyer shall give Seller, at no cost, complete Copies of all Buyer Investigation reports obtained by Buyer. Seller shall make the
Property available for all Buyer Investigations. Seller shall have water, gas, electricity, and all operable pilot lights on for Buyer
Investigations and through the date possession is made available to Buyer.
13. REPAIRS: Repairs shall be completed prior to final verification of condition unless otherwise agreed in writing. Repairs to be
performed at Sellers expense may be performed by Seger or through others, provided that the work compiles with applicable Law,
including governmental permit, Inspection and approval requirements. Repairs shall be performed in a good, skillful manner with
materials of quality and appearance comparable to existing materials. It is understood that exact restoration of appearance or
cosmetic items following all Repairs may not be possible. Seller shall: (1) obtain receipts for Repairs performed by others; (11) prepare
a written statement Indicating the Repairs performed by Seller and the date of such Repairs; and (fit) provide Copies of receipts and
statements to Buyer prior to final verification of condition.
Buyers initials ( )1 )
Sellers Initials ( ) ( ) O
Copyright o 1996-2006, CAIAFOFIMA ASSOCIATION OF REALTORSO. INC. mwixauxc
Revlewed by Date o,dstwm
PPA REVISED 1/06 (PAGE 4 OF 6) 32
PROBATE PURCHASE AGREEMENT (PPA PAGE 4 OF 8) Estate of ostr
Property Address: s ni>, 22o s ++c cob+- ze out c ew _ia _ Date:,lbiv sc. 2007
14. BUYER INDEMNITY AND SELLER PROTECTION FOR ENTRY UPON PROPERTY: Buyer shall: (1) keep the Property free and
clear of liens; (11) Repair all damage arising from Buyer Investigations; and (fit) indemnify and hold Selffat harmless from all resulting
liability, claims, demands, damages and costs. Buyer shall carry, or Buyer shall require anyone acting on Buyers behalf to carry
FIT
of liability, workers' compensation and other applicable Insurance, defending and protecting Seller from liability for any
iT . it s to parsons or properly occurring during any Buyer Investigations or work done on the Properly at Buyer's direction prior to
Cosa Of Escrow. Seller is advised that certain protections may be afforded Seller by recording a 'Notice of Non -Responsibility'
(C.A.R. Form NNR) for Buyer Investigations and work done on the Property at Buyer's direction. Buyers obligations under this
ppaaraggraph shall survive the termination of this Agreement.
15. TITLE•
A. Within the time specified in paragraph 17, Buyer shall be provided a current preliminary (title) report, which is only an offer by the
title insurer to issue a policy of title insurance and may not contain every item affecting this. Buyer's review of the preliminary
report and any other matters which may affect title are a contingency of this Agreement as specified in paragraph 17.
B. Title is taken in its present condition subject to all encumbrances, easements, covenants, conditions, restrictions, rights and other
matters, whether of record or not, as of the date of Acceptance except: (i) monetary liens of record unless Buyer is assuming
those obligations or taking the Property subject to those obligations; and A those matters which Seller has agreed to remove in
writing.
C. Within the time specified in paragraph 17, Seller has a duty to disclose to Buyer all matters known to Seller affecting title, whether
of record or not.
D. At Close Of Escrow, Buyer shall receive a grant deed conveying title (or, for stock cooperative or long-term lease, an assignment
of stock certificate or of Seller's leasehold interest), Including oil, mineral and water rights g currently owned by Seller.
E. Buyer shall receive a CLTA/ALTA Homeowner's Policy of Title Insurance. A title company, at Buyers request, can provide
information about availability, desirability, coverage, and cost of various title insurance coverages and endorsements. If Buyer
desires title coverage other than that required by this paragraph, Buyer shall instruct Escrow Holder in writing and pay any
increase in cost.
16. VESTING: Buyer Intends to take title as follows: La ouints Redeveio>meat Aaenav
THE MANNER OF TAKING TITLE MAY HAVE SERIOUS LEGAL AND TAX CONSEQUENCES. CONSULT AN APPROPRIATE
PROFESSIONAL. Seller will not Petition the Court for confirmation until vesting has been designated. If vesting is not designated
above, Buyer has 10 (or ❑ ) Days After Acceptance to designate in writing how figs is to be taken.
17. TIME PERIODS; REMOVAL OF CONTINGENCIES; CANCELLATION RIGHTS: The following time periods may only be
extended, altered, modified or changed by mutual written agreement. Any removal of contingencies or cancellation under this
paragraph must be in writing (C.A.R. Form CR).
A. SELLER HAS: 7 (or ❑ ) Days After Acceptance to deliver to Buyer all reports, disclosures and Information for
which Seller is responsible under paragraphs 7, SA and B, 9A,1OB and 15.
B. (1) BUYER HAS: 17 (or ® 30 ) Days After Acceptance, unless otherwise agreed, to:
(0 complete all Buyer Investigations; approve all disclosures, reports and other applicable information which Buyer receives
from Seller and approve all matters affecting the Property (including lead -based paint and lead -based paint hazards, as well
as other information specified in paragraph 8, and insurability of Buyer and the Properly): and (II) return to Seller Signed
Copies of Lead Disclosures delivered by Seller in accordance with paragraph BA.
(2) Within the time specified in 17B(1), Buyer may request that Seller make repairs or take any other action regarding the
Property (C.A.R. Form RR). Seller has no obligation to agree to or respond to Buyer's requests.
(3) By the end of the time specified in 17B(1) (or 2C(3) for loan contingency or 2H for appraisal contingency), Buyer shall remove,
in writing, the applicable contingency (C.A.R. Form CR) or cancel this Agreement. However, it the following Inspections,
reports or disclosures are not made within the time specified in 17A, then Buyer has 5 (or® io ) Days after
receipt of any such items, or the time specified in 17B(1), whichever is later, to remove the applicable contingency or cancel
this Agreement In writing: p) government -mandated inspections or reports required as a condition of closing; or (11) Common
Interest Disclosures pursuant to paragraph 9B.
C. CONTINUATION OF CONTINGENCY OR CONTRACTUAL OBLIGATION; SELLER RIGHT TO CANCEL:
(1) Seller right to Cancel: Buyer Contingencies: Seiler, after first giving Buyer a Notice to Buyer to Perform (as specified
below), may cancel this Agreement in writing and authorize return of Buyer's deposit if, by the time specified in this
Agreement, Buyer does not remove in writing the applicable contingency or cancel this Agreement. Once all contingencies
have been removed, failure of either Buyer or Seller to close escrow In time may be a breach of this Agreement.
(2) Continuation of Contingency: Even after the expiration of the time specified in 17B(i), Buyer retains the right to make
requests to Seller, remove in writing the applicable contingency or cancel this Agreement until Seller cancels pursuant to
17C(1). Once Seller receives Buyer's written removal of all contingencies, Seller may not cancel this Agreement pursuant to
17C(1).
(3) Seller right to Cancel; Buyer Contract Obligations: Seger, after first giving Buyer a Notice to Buyer to Perform (as
specified below), may cancel this Agreement in writing and authorize return of Buyer's deposit for any of the following
reasons: (f) if Buyer fails to deposit funds as required by 2A or 2B; (11) If the funds deposited pursuant to 2A or 2B are not
good when deposited; (fit) if Buyer fails to provide a letter as required by 2C(3). (iv) if Buyer falls to provide verification as
required by 2G or 21; (v) it Seller reasonably disapproves of the verification provided by 2G or 21; (vi) it Buyer fails to return
Lead Disclosures as required by paragraph BA(2); or (vIQ if Buyer falls to designate vesting of title as required by paragraph
16. Seller is not required to give Buyer a Notice to Perform regarding Close Of Escrow.
(4) Notice To Buyer To Perform: The Notice to Buyer to Perform (C.A.R. Form NBP) shall: (1) be in writing; (f) be Signed by
Seller; and (III) give Buyer at least 24 (or ❑ ) hours (or until the time specffied in the applicable paragraph,
whichever occurs last) to take the applicable action. A Notice to Buyer to Perform may not be given any earlier than 2 Days
Prior to the expiration of the applicable time for Buyer to remove a contingency or cancel this Agreement or meet a 17C(3)
obligation.
Buyer's Initials I-) ( )
Setters Initials ( ) ( )
Copyright 01996-2009, CALIFORNIA ASSOCIATION OF REALTORSA INC. T� by Oste p°ronnmi+
PPA REVISED 1106 (PAGE 5 OF 8)
Esteof Ostr
PROBATE PURCHASE AGREEMENT (PPA PAGE 6 OF 8) `33
Property Address:'-'- ` '" h2k "e 50-18 ,.._.,..eAtn" AA Quint' No .lit Data: 7- aa. 20e7
D. EFFECT OF BUYER'S REMOVAL OF CONTINGENCIES: If Buyer removes, in writing, any contingency or cancellation rights,
unless otherwise specified in a separate written agreement between Buyer and Seller, Buyer shall conclusively be deemed to
have: (I) completed all Buyer Investigations, and review of reports and other applicable information and disclosures pertaining to
that contingency or cancellation right; (if) elected to proceed with the transaction; and (Ili) assumed all liability, responsibility, and
expense for Repairs or corrections pertaining to that contingency or cancellation right, or for inability to obtain financing.
E. EFFECT OF CANCELLATION ON DEPOSITS: If Buyer or Seller gives written notice of cancellation pursuant to rights duty
exercised under the terms of this Agreement, Buyer and Seller agree to Sign mutual instructions to cancel the sale and escrow
and release deposits, less fees and costs, to the party entitled to the funds. Fees and costs may be payable to service providers
and vendors for services and products provided during escrow. Release of funds will require mutual Signed release
Instructions from Buyer and Seller, Judicial decision or arbitration award. A party may be subject to a civil penalty of up
to $1,000 for refusal to sign such Instructions if no good faith dispute exists as to who Is entitled to the deposited funds
(Civil Code §1057.3).
18. FINAL VERIFICATION OF CONDITION: Buyer shall have the right to make a final inspection of the Property within 5 (or )
Days Prior to Close Of Escrow, NOT AS A CONTINGENCY OF THE SALE, but solely to confirm: (1) the Property is maintained
pursuant to paragraph 1OA; 01) Repairs have been completed as agreed; and (III) Seller has complied with Seller's other obligations
under this Agreement.
19. PRORATIONS OF PROPERTY TAXES AND OTHER ITEMS: Unless otherwise agreed in writing, the following items shall be PAID
CURRENT and prorated between Buyer and Seller as of Close Of Escrow: real property taxes and assessments, interest, rents,
HOA regular, special, and emergency dues and assessments Imposed prior to Close Of Escrow, premiums on insurance assumed
by Buyer, payments on bonds and assessments assumed by Buyer, and payments on Mello -Roos and other Special Assessment
District bonds and assessments that are now a lien. The following items shall be assumed by Buyer WITHOUT CREDIT toward the
purchase price: prorated payments on Mello -Roos and other Special Assessment District bonds and assessments and HOA special
assessments that are now a lien but not yet due. The Property will be reassessed upon change of ownership. Any supplemental tax
bills shall be paid as follows: (1) for periods after Close Of Escrow, by Buyer; and (II) for periods prior to Close Of Escrow, by Seller.
TAX BILLS ISSUED AFTER CLOSE OF ESCROW SHALL BE HANDLED DIRECTLY BETWEEN BUYER AND SELLER. Prorafions
shall be made based on a 30-day month.
20. WITHHOLDING TAXES: Seller and Buyer agree to execute any instrument, affidavit, statement or instruction reasonably necessary
to comply with federal (FIRPTA) and California withholding Law, 9 required (C.A.R. Forms AS and AS).
21. MULTIPLE LISTING SERVICE ("MLS"): Brokers are authorized to report to the MLS a pending sale and, upon Close Of Escrow,
the terms of this transaction to be published and disseminated to persons and entities authorized to use the Information on terms
approved by the MLS.
22. EQUAL HOUSING OPPORTUNITY: The Property is sold in compliance with federal, state and kcal anti -discrimination Laws.
23. ATTORNEY FEES: In any action, proceeding, or arbitration between Buyer and Seller arising out of this Agreement, the prevailing
Buyer or Seller shall be entitled to reasonable attorney fees and costs from the non -prevailing Buyer or Seller.
24. SELECTION OF SERVICE PROVIDERS: If Brokers refer Buyer or Seller to persons, vendors, or service or product providers
("Providers"), Brokers do not guarantee the performance of any Providers. Buyer and Seller may select ANY Providers of their own
choosing.
25. TIME OF ESSENCE; ENTIRE CONTRACT; CHANGES: Time is of the essence. All understandings between the parties are
incorporated in this Agreement. 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. If any provision of this Agreement is held to be ineffective or Invalid, the remaining provisions will nevertheless be
given full force and effect. Neither this Agreement nor any provision In It may be extended, amended, modified, altered or
changed, except in writing Signed by Buyer and Seller.
26. OTHER TERMS AND CONDITIONS, Including attached supplements:
A.
B. ® Probate Advisory (CAR Form PAK) -
C. ® Buyer Inspection Advisory (CAR Form BIA) -
27. DEFINITIONS: As used in this Agreement:
A. "Acceptance" means the time the offer or final counter offer is accepted in writing by a parry and Is delivered to and personally
received by the other party or that party's authorized agent in accordance with the terms of this offer or a final counter offer.
B. "Agreement" means the terms and conditions of this accepted Probate Purchase Agreement and any accepted counter offers
and addenda.
C. "C.A.R. Form" means the specific form referenced or another comparable form agreed to by the parties.
D. "Close Of Escrow" means the date the grant deed, or other evidence of transfer of title, Is recorded. If the scheduled close of
escrow falls on a Saturday, Sunday or legal holiday, then close of escrow shall be the next business day after the scheduled
close of escrow date.
E. "Copy" means copy by any means including photocopy, NCR, facsimile and electronic.
F. "Days" means calendar days, unless otherwise required by Law.
G. "Days After" means the specified number of calendar days after the occurrence of the event specified, not counting the
calendar date on which the specified event occurs, and ending at 11:59 PM on the final day.
H. "Days Prior" means the specified number of calendar days before the occurrence of the event specified, not counting the
calendar date on which the specified event is scheduled to occur.
I. "Electronic Copy" or "Electronic Slgnature" means, as applicable, an electronic copy or signature complying with California
Law. Buyer and Seller agree that electronic means will not be used by either one to modify or after the content or integrity of the
Agreement without the knowledge and consent of the other. Buyer's initials ( ) ( )
Sellers initials ( ) ( )
Copydghl a 1998-2006, CAUFORNIA ASSOCIATION OF REALTORS8, INC. tie;W d M Date q
PPA REVISED 1106 (PAGE 6 OF 8) >?sdkcd,0so-
PROBATE PURCHASE AGREEMENT (PPA PAGE 6 OF 8) 3
1
Property Address: Lot, _ 2 - - -- '-- -CArMftLfeA Wd La 0"Inta ad -14 Dale:.7bly 30. 7007
J. "Lew" means any law, code, statute, ordinance, regulation, rule or order, which Is adopted by a controlling city, county, state or
federal legislative, judicial or executive body or agency.
K. "Notice to Buyer to Perform" means a document (such as Form COP), which shall be in writing and Signed by Seller and shall
give Buyer at least 24 hours (or as otherwise speelffed in paragraph 170(4)) to remove a contingency or perform as
applicable.
L. "Repairs" means any repairs (including pest control), alterations, replacements, modifications and retrofitting of the Property
provided for under this Agreement.
M. "Signed" means either a handwritten or electronic signature on an original document, Copy or any counterpart.
N. Singular and Plural terms each include the other, when appropriate.
28. AGENCY:
A. DISCLOSURE: Buyer and Seller each acknowledge prior receipt of C.A.R. Form AD "Disclosure Regarding Real Estate Agency
Relationships!
B. POTENTIALLY COMPETING BUYERS AND SELLERS: Buyer and Seller each acknowledge receipt of a disclosure of the
possibility of multiple representation by the Broker representing that principal. This disclosure may be part of a listing agreement,
buyer -broker agreement or separate document (C.A.R. Form DA). Buyer understands that Broker representing Buyer may also
represent other potential buyers, who may consider, make offers on or ultimately acquire the Property. Seller understands that
Broker representing Seller may also represent other sellers with competing properties of Interest to this Buyer.
C. CONFIRMATION: The following agency relationships are hereby confirmed for this transaction:
Listing Agent Pacific anion Real 8state (Print Firm Name) is the agent
of (check one): ❑ the Seller exclusively; or ® both the Buyer and Seller.
Selling Agent (Print Firm Name) (if not same
as Listing Agent) is the agent of (check one): ❑ the Buyer exclusively; or ❑ the Seller exclusively; or ❑ both the Buyer and
Seller. (Real Estate Brokers are not parties to the Agreement between Buyer and Seller.)
29. JOINT ESCROW INSTRUCTIONS TO ESCROW HOLDER:
A. The following paragraphs, or applicable portions thereof, of this Agreement constitute the joint escrow Instructions of
Buyer and Seller to Escrow Holder, which Escrow Holder is to use along with any related counter offers and addenda, and any
additional mutual instructions to close the escrow: 1, 2, 7, 15. 16, 17E, 19, 20, 25, 260, 27, 29, 30, 33A, 34 and paragraphs D
and E of the section titled Real Estate Brokers on page 8. If a Copy of the separate compensation agreement(s) provided for in
paragraph 30 or 33A, or paragraph D of the section titled Real Estate Brokers on page 8 is deposited with Escrow Holder by
Broker, Escrow Holder shall accept such agreement(s) and pay out from Buyer's or Seller's funds, or both, as applicable, the
Broker's compensation provided for in such agreement(s). The terms and conditions of this Agreement not set forth in the
specified paragraphs are additional matters for the Information of Escrow Holder, but about which Escrow Holder need not be
concerned. Buyer and Seller will receive Escrow Holders general provisions directly from Escrow Holder and will execute such
provisions upon Escrow Holders request. To the extent the general provisions are inconsistent or conflict with this Agreement,
the general provisions will control as to the duties and obligations of Escrow Holder only, Buyer and Seller will execute additional
Instructions, documents and forms provided by Escrow Holder that are reasonably necessary to close the escrow.
B. A Copy of this Agreement shall be delivered to Escrow Holder within 3 business days after Acceptance
(or ❑ ). Buyer and Seller authorize Escrow
Holder to accept and rely on Copies and Signatures as defined in this Agreement as originals, to open escrow and for other
purposes of escrow. The validity of this Agreement as between Buyer and Seller is not affected by whether or when Escrow
Holder Signs this Agreement.
C. Brokers are a parry to the Escrow for the sole purpose of compensation pursuant to paragraphs 30, 33A and paragraph D of the
section titled Real Estate Brokers on page 8. Buyer and Seller irrevocably assign to Brokers compensation specified in
paragraphs 30 and 33A, respectively, and irrevocably instruct Escrow Holder to disburse those funds to Brokers at Close Of
Escrow, or pursuant to any other mutually executed cancellation agreement. Compensation Instructions can be amended or
revoked only with the written consent of Brokers. Escrow Holder shall Immediately notify Brokers: (1) if Buyers initial or any
additional deposit is not made pursuant to this Agreement, or Is not good at time of deposit with Escrow Holder; or (If) ii Buyer
and Seller instruct Escrow Holder to cancel escrow.
D. A Copy of any amendment that affects any paragraph of this Agreement for which Escrow Holder Is responsible shall be
delivered to Escrow Holder within 2 business days after mutual execution of the amendment.
30. BROKER COMPENSATION FROM BUYER: If applicable, upon Close Of Escrow, Buyer agrees to pay compensation to Broker as
specified in a separate written agreement between Buyer and Broker.
31. TERMS AND CONDITIONS OF OFFER: This is an offer to purchase the Property on the above terms and conditions. Seller has the
right to continue to offer the Property for sale and to accept any other offer at any time prior to notification of Acceptance. Buyer has
read and acknowledges receipt of a Copy of the offer and agrees to the above confirmation of agency relationships. If this offer is
accepted and Buyer subsequently defaults, Buyer may be responsible for payment of Brokers' compensation. This Agreement and
any supplement, addendum or modification, including any Copy, may be Signed in two or more counterparts, all of which shall
constitute one and the same writing.
32. EXPIRATION OF OFFER: This offer shall be deemed revoked and the deposit shall he returned, unless the offer is Signed by Seller,
and a Copy of the Signed offer is personally received by Buyer, or by Kathy Oeneon Rutaa end Tacker _ who
is authorized to receive It by 5:00 PM on the third Day after this offer is signed by Buyer (or, if checked, ❑ by
(date), at ❑ AM ❑ PM).
Date
BUYER
Date
BUYER
La ouinta Redevelc=ent Adenov
(Print name) (Print name)
(Address) Buyer's Initials
Seller's Initials
CopydgKO 1996-2006, CALIFORNIA ASSOCIATON OF REALTORSO, INC.
PPA REVISED 1106 (PAGE 7 OF 8) Reviewed by Dote `o`�ptu"�"`yn 3 C
PROBATE PURCHASE AGREEMENT (PPA PAGE 7 OF 8) EstateofOstr i'F1
__ ..___ii.- t va+� +.. on+nta Ito .14 Date:•n.l,. 30, 2007
Property Address:- ... .__ _ _ _
33. BROKER COMPENSATION FROM SELLER:
A. Upon Close Of Escrow, Seller agrees to pay compensation to Broker as specified in a separate written agreement between
Seller and Broker.
B. If escrow does not close, compensation is payable as specified in that separate written agreement.
34. ACCEPTANCE BY REPRESENTATIVE: The undersigned, representative of
warrants that Seller is the owner of the Property, or has the authority to execute this Agreement. Seller accepts the above offer,
agrees to sell the Property on the above terms and conditions, and agrees to the above confirmation of agency relationships.
Commissions shall be paid to Broker(s) as described herein, or in the event of court confirmation of the sale, as allowed by the court.
Seller has read and acknowledges receipt of a Copy of this Agreement, and authorizes Broker to deliver a Signed Copy to Buyer.
❑ (If checked) SUBJECT TO ATTACHED COUNTER OFFER, DATED
SELLER
SELLER
(Print name)
( ) ) CONFIRMATION OF ACCEPTANCE: A Copy of Signed Acceptance was personal) received by Buyer or Buyers
(Initials) authorized agent on (date) at ❑ AM LJ PM. A binding Agreement
Is created when a Copy of Signed Acceptance is personally received by Buyer or Buyer's authorized agent
whether or not confirmed In this document. Completion of this confirmation is not legally required in order
to create a binding Agreement; it Is solely intended to evidence the date that Cordirmation of Acceptance
ban necuRed.
REAL ESTATE BROKERS:
A. Real Estate Brokers are not puttee to the Agreement between Buyer and Seller.
B. Agency relationships are confirmed as stated In paragraph 28 above.
C. If speckled In paragraph 2A, Agent who submitted offer for Buyer acknowledges receipt of deposit
D. COOPERATING BROKER COMPENSATION: Listing Broker agrees to pay Cooperating Broker (Selling Firm) and Cooperating Broker agrees to
accept, out of Listing Broker's proceeds in escrow: IQ the amount specified In the MLS, provided Cooperating Broker Is a Participant of the MLS in
which the Property is offered for sale or a reciprocal MLS; or (IQ ❑ (k checked) the amount specified in a separate written agreement (CA.R.
Form CDC) between Listing Broker and Cooperating Broker.
E. COMMISSION IN EVENT OF AN OVERBID BY ANOTHER BROKER: In the event court confirmation of the safe is required, the original selling
Broker identified above agrees to waive all commission rights in the event of a successful overbid In court by a different buyer represented by
another broker.
F. H court confirmation of the sale is required, the court will determine the commission amount. Commissions awarded vary from county to
county. Commissions are payable by Seller only If the sale closes. Seiler is not liable for a commission to any broker or associate licensee who is
directly or Indirlectly a purchaser of the Property, or has an interest in the purchaser.
Real Estate B (Selling F G! G OA) t- DRE Lie. # a+776792
By DRE LIc. # 00898943 Date July 30, 2007
Address City palm sorinaa State Ca Zip 92262
Telephone 7 322-9800 _ Fax (760) 83-1449 __ Email bno"^^^ whibefRAINMIi011cos
Real Broker ( a Pacific Dnion seal estate DRE Lie. # 01776792
gy areo .char/eroaeon white DRE Uc. # 00898943 Date July vn_ 2007
Address 13r.City paten Anri=A _ State CA Zip 92262
Telephone (760)322-9800 Fax (760)883-1449 Email bz'oneron whi taftammim. cam
ESCROW HOLDER ACKNOWLEDGMENT:
Escrow Holder acknowledges receipt of a Copy of this Agreement, (if checked,[] a deposit in the amount of $ )
counter offer numbers and
and agrees to act as Escrow Holder subject to paragraph 29 of this Agreement
any supplemental escrow Instructions and the terms of Escrow Holdel's general provisions.
Escrow Holder is advised that the date of Confirmation of Acceptance of the Agreement as between Buyer and Seller Is
Escrow Holder Pickford Sacrow Escrow#
By - - - -- ----- Data _
Phone/Fax/E-mail 760 836 0456/760 346 3770/iekatzromao+ckfordeacrow. corn —
Escrow Holder is licensed by the California Department of ® Corporations,❑ Insurance,❑ Real Estate. License #
( /� REJECTION OF OFFER: No counter offer Is being made. This offer was reviewed and rejected by Seller on
(Sells Inkials) (Date) }
THIS FORM HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORS®(CAR.). NO REPRESERSON Q IS MADE T 70 THE LEGAL EALIO ST T
ADEQUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE
TRANSACTIONS. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL.
This form Is evallabie for use by the entire real estate Industry. It is not Intended to Ids" the user as a REALTORO. REALTORI, Is a registered collective membersNP mark
which may be used only by members or the NATIONAL ASSOCIATION OF REALTORSewho subscribe to Its Code of Ethics.
Published and Distributed by
S r �, REAL ESTATE BUSINESS SERVICES, INC.
e subsidiary o/the CalNomla Association orREALTORS® S
TN Syrian _ MIAMI.- I.- 525 South Virgil Avenue, Los Angeles, California 90020
PPA REVISED 1106 (PAGE 8 OF 8) Reviewed by Date
PROBATE PURCHASE AGREEMENT (PPA PAGE 8 OF 8) Estate of Osr
CALIFO ANIA
4Q ASSOCIATION BUYER'S INSPECTION ADVISORY
�OF REALTORS® (C.A.R. Form BIA-A, Revised 10/02)
W
Property Address: Lots 5 12 blk 129 Santa Carmelite at: Vale La 0uint8 NO .14 _ (°Properly').
A. IMPORTANCE OF PROPERTY INVESTIGATION: The physical condition of the land and improvements being purchased is not
guaranteed by either Seller or Brokers. For this reason, you should conduct thorough Investigations of the Property personally
professionals who should provide written reports of their Investigations. A general physical Inspection typically does not cover all aspects
of the Property nor items affecting the Property that are not physically located on the Property. If the professionals recommend further
investigations, Including a recommendation by a past control operator to inspect inaccessible areas of the Property, you should contact
qualified experts to conduct such additional investigations.
B. BUYER RIGHTS AND DUTIES: You have an affirmative duty to exercise reasonable care to protect yourself, including discovery of
the legal, practical and technical implications of disclosed facts, and the Investigation and verification of information and facts that you
know or that are within your diligent attention and observation. The purchase agreement gives you the right to investigate the Property. If
you exercise this right, and you should, you must do so in accordance with the terms of that agreement. This is the best way for you to
protect yourself. It is extremely important for you to read all written reports provided by professionals and to discuss the results of
inspections with the professional who conducted the inspection. You have the right to request that Seller make repairs, corrections or
take other action based upon items discovered in your investigations or disclosed by Seller. If Seller Is unwilling or unable to satisfy your
requests, or you do not want to purchase the Property In its disclosed and discovered condition, you have the right to cancel the
agreement if you act within specific time periods. If you do not cancel the agreement in a timely and proper manner, you may be In
breach of contract.
C. SELLER RIGHTS AND DUTIES: Seller is required to disclose to you material facts known to him/her that affect the value or
desirability of the Property. However, Seller may not be aware of some Property defects or conditions. Seller does not have an obligation
to inspect the Property for your benefit nor is Seller obligated to repair, correct or otherwise cure known defects that are disclosed to you
or previously unknown defects that are discovered by you or your inspectors during escrow. The purchase agreement obligates Seller to
make the Property available to you for investigations.
D. BROKER OBLIGATIONS: Brokers do not have expertise in all areas and therefore cannot advise you on many items, such as soil
stability, geologic or environmental conditions, hazardous or illegal controlled substances, structural conditions of the foundation or other
improvements, or the condition of the roof, plumbing, heating, air conditioning, electrical, sewer, septic, waste disposal, or other system.
The only way to accurately determine the condition of the Property Is through an inspection by an appropriate professional selected by
you. If Broker gives you referrals to such professionals, Broker does not guarantee their performance. You may select any professional
of your choosing. In sales involving residential dwellings with no more than four units, Brokers have a duty to make a diligent visual
inspection of the accessible areas of the Property and to disclose the results of that inspection. However, as some Property defects or
conditions may not be discoverable from a visual Inspection, it is possible Brokers are not aware of them. If you have entered into a
written agreement with a Broker, the specific terms of that agreement will determine the nature and extent of that Broker's duty to you.
YOU ARE STRONGLY ADVISED TO INVESTIGATE THE CONDITION AND SUITABILITY OF ALL ASPECTS OF THE PROPERTY. IF
YOU DO NOT DO SO, YOU ARE ACTING AGAINST THE ADVICE OF BROKERS.
E. YOU ARE ADVISED TO CONDUCT INVESTIGATIONS OF THE ENTIRE PROPERTY, INCLUDING, BUT NOT LIMITED TO THE
FOLLOWING:
1. GENERAL CONDITION OF THE PROPERTY, ITS SYSTEMS AND COMPONENTS: Foundation, roof, plumbing, heating, air
conditioning, electrical, mechanical, security, pool/spa, other structural and non-structural systems and components, fixtures,
built-in appliances, any personal property included in the sale, and energy efficiency of the Property. (Structural engineers are best
suited to determine possible design or construction defects, and whether improvements are structurally sound.)
2. SQUARE FOOTAGE, AGE, BOUNDARIES: Square footage, room dimensions, lot size, age of Improvements and boundaries. Any
numerical statements regarding these Items are APPROXIMATIONS ONLY and have not been verified by Seller and cannot be
verified by Brokers. Fences, hedges, walls, retaining walls and other natural or constructed barriers or markers do not necessarily
identify true Property boundaries. (Professionals such as appraisers, arghltects, surveyors and civil engineers are best suited to
determine square footage, dimensions and boundaries of the Property.)
3. WOOD DESTROYING PESTS: Presence of, or conditions likely to lead to the presence of wood destroying pests and organisms
and other infestation or infection. Inspection reports covering these items can be separated into two sections: Section 1 Identifies
areas where infestation or Infection is evident. Section 2 Identifies areas where there are conditions likely to lead to Infestation or
infection. A registered structural pest control company is best suited to perform these inspections.
4. SOIL STABILITY: Existence of fill or compacted sail, expansive or contracting soil, susceptibility to slippage, settling or movement,
and the adequacy of drainage. (Geotechnical engineers are best suited to determine such conditions, causes and remedies.)
The copyright laws of the United States (Ti le 17 U.S. Code) forbid the
unauthorized reproduction of this form, or any potion thereof, by photocopy
machine or any other means, Including facsimile or computerized formats.
Copyright ® 1991-2004, CALIFORNIA ASSOCIATION OF REALTORSS.
INC. ALL RIGHTS RESERVED.
BIA-A REVISED 10102 (PAGE 1 OF 2)
Phone:
Real Estate 1345 N Pall
Buyers Initials I-) ( )
Sellers Initials ( ) ( )121
Reviexed by Date _ ref0tleaxrenr
4GE 1 OF 2)
i-1449 Prepared using VANFormsOi software
�7
Property Address: Lots i 12 bik 129 Santa carmalita at Vela La eointa DAo 14 Date: Jeiv 30_ 3ao7
5. ROOF: Present condition, age, leaks, and remaining useful life. (Roofing contractors are best suited to determine these conditions.)
6. POOLISPA: Cracks, leaks or operational problems. (Pool contractors are best suited to determine these conditions.)
7. WASTE DISPOSAL: Type, size, adequacy, capacity and condition of sewer and septic systems and components, connection to
sewer, and applicable fees.
6. WATER AND UTILITES; WELL SYSTEMS AND COMPONENTS: Water and utility availability, use restrictions and costs. Water
quality, adequacy, condition, and performance of well systems and components.
9. ENVIRONMENTAL HAZARDS: Potential environmental hazards, including, but not limited to, asbestos, lead -based paint and other
lead contamination, radon, methane, other gases, fuel oil or chemical storage tanks, contaminated soil or water, hazardous waste,
waste disposal sites, electromagnetic fields, nuclear sources, and other substances, materials, products, or conditions (including
mold (airborne, toxic or otherwise), fungus or similar contaminants). (For more information on these items, you may consult an
appropriate professional or read the booklets 'Environmental Hazards: A Guide for Homeowners, Buyers, Landlords and Tenants,"
"Protect Your Family From Lead in Your Horns" or both.)
10. EARTHQUAKES AND FLOODING: Susceptibility of the Property to earthquake/seismic hazards and propensity of the Property to
flood. (A Geologist or Geotechnical Engineer is best suited to provide Information on these conditions.)
11. FIRE, HAZARD AND OTHER INSURANCE; The availability and cost of necessary or desired insurance may vary. The location of
the Property in a seismic, flood or fire hazard zone, and other conditions, such as the age of the Property and the claims history of
the Property and Buyer, may affect the availability and need for certain types of insurance. Buyer should explore Insurance options
early as this information may affect other decisions, including the removal of loan and inspection contingencies. (An insurance agent
is best suited to provide information on these conditions.)
12. BUILDING PERMITS, ZONING AND GOVERNMENTAL REQUIREMENTS: Permits, inspections, certificates, zoning, other
governmental limitations, restrictions, and requirements affecting the current or future use of the Property, its development or size.
(Such information is available from appropriate governmental agencies and private information providers. Brokers are not qualified to
review or interpret any such Information.)
19. RENTAL PROPERTY RESTRICTIONS: Some cities and counties impose restrictions that limit the amount of rent that can be
charged, the maximum number of occupants; and the right of a landlord to terminate a tenancy. Deadboit or other locks and security
systems for doors and windows, including window bars, should be examined to determine whether they satisfy legal requirements.
(Government agencies can provide information about these restrictions and other requirements.)
14.SECURITY AND SAFETY: State and local Law may require the installation of barriers, access alarms, self -latching mechanisms
and/or other measures to decrease the risk to children and other persons of existing swimming pools and hot tubs, as well as various
fire safety and other measures concerning other features of the Property. Compliance requirements differ from city to city and county
to county. Unless specifically agreed, the Property may not be in compliance with these requirements. (Local government agencies
can provide Information about these restrictions and other requirements.)
IS. NEIGHBORHOOD, AREA, SUBDIVISION CONDITIONS; PERSONAL FACTORS: Neighborhood or area conditions, including
schools, proximity and adequacy of law enforcement, crime statistics, the proximity of registered felons or offenders, fire protection,
other government services, availability, adequacy and cost of any speed -wired, wireless internet connections or other
telecommunications or other technology services and installations, proximity to commercial, industrial or agricultural activities,
existing and proposed transportation, construction and development that may affect noise, view, or traffic, airport noise, noise or odor
from any source, wild and domestic animals, other nuisances, hazards, or circumstances, protected species, wetland properties,
botanical diseases, historic or other governmentally protected sites or improvements, cemeteries, facilities and condition of common
areas of common interest subdivisions, and possible lack of compliance with any governing documents or Homeowners' Association
requirements, conditions and influences'of significance to certain cultures and/or religions, and personal needs, requirements and
preferences or nuyer.
Buyer and Seller acknowledge and agree that Broker. (Q Does not decide what price Buyer should pay or Seller should accept; (to Does not
guarantee the condition of the Property; (IIQ Does not guarantee the performance, adequacy or completeness of Inspections, services, products or
repairs provided or made by Seller or others; (iv) Does not have an obligation to conduct an inspection of common areas or areas off the site of the
Property; Nil Shall not be responsible for Identifying defects on the Property. In common areas, or offslte unless such defects are visually observable
by an Inspection of reasonably accessible areas of the Property or are known to Broker, (A) Shall not be responsible for Inspecting public records or
permits concerning the title or use of Property; (vil) Shall not be responsible for Identifying the location of boundary lines or other hems affecting title;
(viiQ Shall not be responsible for verifying square footage, representations of others or Information contained in Investigation reports, Multiple Listing
Service, advertisements, Nara or other promotional material; (Ix) Shall not be responsible for providing legal or tax advice regarding any aspect of a
transaction entered into by Buyer or Safer, and (x) Shall not be responsible for providin other advice or information that exceeds the knowledge,
education and experience required to perform real estate licensed activity. Buyer and Seller agree to seek legal, tax, insurance, title and other
desired assistance from appropriate professionals.
By signing below, Buyer and Seller each acknowledge that they have read, understand, accept and have received a Copy of
this Advisory. Buyer Is encouraged to read it carefully.
Buyer Signature Date
La Quanta Redevelolnnent Agency
Seiler Signature Date
Estate of Audrey B. Ontrowaky
Buyer Signature Date
Seller Signature Date
THIS FORM HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORSO (CAR.). NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR
ADEQUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE
TRANSACTIONS. IF YOU DESIRE LEGAL OR TAx ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL.
d,� my
Mey be su,e sfor use onny by memthe bers of enthe real estate
NATIONAL ASSOCIATION OF REALTORS9 who cubecrbe to its Coda o} user as a REALTOR0. yUcs.TORm Is a regislerod catlatWe membership mark
Published and Distributed by: p
AomREAL ESTATE BUSINESS SERVICES, INC.Reviewed by Date _ eowxom+eThKKasubisidlary of me CafilomiaAssociation o/REALTORSO avronwrr US South Virgil Avenue, Los Angeles, California 90020
BIA-A REVISED 10/02 (PAGE 2 OF 2) BUYER'S INSPECTION ADVISORY (BIA-A PAGE 2 OF 2) .4. v
CALIFO RNIA
Q ASSOCIATION
®v OF REALTORS@
PROBATE ADVISORY
For Probate, Conservatorship and
Guardianship Properties
The sale of the Property described as (address) tots 5-12 91k 129 &ants carmelita at vale La 9l2inta No, /y
pursuant to the attached Probate Purchase Agreement (C.A.R. form PPA-11), is made under authority of the California
Probate Code. The Seiler is not the title owner, but instead is a representative of a probate estate, a guardianship or a
conservatorship. The sale may require a court order. Many obligations imposed upon sellers, particularly sellers of real
property containing one -to -four dwelling units, may not be applicable to the sale of this property. However, even though the
seller is exempt from many obligations, the seller must still comply with many others. Further, any real estate licensee
representing Buyer or Seller in the transaction may have duties independent of the principals. This Advisory is intended to
inform Buyer and Seller of their rights and obligations independent of those established by the attached agreement.
EXEMPTIONS:
1. TDS, NHD, Mello -Roos: Seller is exempt from providing Buyer with the Real Estate Transfer Disclosure Statement
(TDS), Natural Hazard Disclosure Statement (NHD), and a Mello -Roos district lien disclosure, pursuant to California
Civil Code either for "transfers pursuant to court order" or for "transfers by a fiduciary in the course of the administration
of a decedents estate, guardianship, conservatorship, or trust."
2. Earthquake Guides: Seller is exempt from providing either a Homeowner's or Commercial Property Owner's Guide to
Earthquake Safety.
3. Smoke Detectors: The sale is exempt from the State requirements that, for single family residences, operable smoke
detectors be in place and that a written statement of compliance be provided to Buyer.
REQUIREMENTS:
1. Disclosures: Seller is not exempt from common law and statutory duties concerning fraud and deceit, even though the
specific TDS form is not required to be completed. Seller remains obligated to disclose known material facts affecting
the value and desirability of the property.
2. Hazard Zones: Seller is not exempt from applicable statutory obligations to disclose earthquake fault zones, seismic
hazard zones, state fire responsibility areas, very high fire hazard severity zones, special flood hazard areas and flood
hazard zones pursuant to the Public Resources Code, Government Code and United States Code, even though,
pursuant to the Civil Code, the specific NHD form is not required to be completed.
3. Water Heaters: The sale is not exempt from the State requirement that water heaters be property anchored, braced or
strapped.
4. lead -based Paint: The Seller is not exempt from the federal obligation to (i) disclose known lead -based paint and
lead -based paint hazards, (ii) provide Buyer copies of reports or studies covering lead -based paint and hazards on the
property, (lit) provide Buyer with the pamphlet 'Protect Your Family From Lead In Your Home," and (iv) give Buyer a
10-day opportunity to inspect for lead -based paint and hazards, if the Property contains residential dwelling units and
was constructed prior to 1978.
5. Data Base Disclosure: The sale is not exempt from the requirement that residential sales contracts contain a notice
regarding the availability of information about registered sex offenders.
Buyer and Seller acknowledge receipt of copy of this page, which constitutes Page 1 of 2 Pages.
Buyer's Initials ( ) ( ) Seller's Initials ( ) ()
THIS FORM HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORSO (CAR.). No REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR
ADEQUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE
TRANSACTIONS, IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL.
The copyright laws of the United States (itle 17 U.S. Code) forbid the unauthorized reproduclbn of this form, or any portion thereof, by Photocopy machine or any other means,
Including facsimile or con putedzed fonnats. Copyright 100, CALIFORNIA ASSOCIATION OF REALTORM INC. ALL RIGHTS RESERVED
Published and Distributed by: OFFICE USE ONLY
PEAL ESTATE BUSINESS SERVICES, INC. REVISED 10/99 Reviewed by Broker
a subsidlery of the CALIFORNA ASSOCIATION OFREALTORSA or Designee
$2E South Vkgil Avenue, Los Angeles, California 90020 Dare avwrtm6rr
PROBATE ADVISORY (PAK-11 PAGE 1 OF 2)
fON
P,dfic Uu®GMACRal Fa 131SNPdm CeywD hhnapd p.CA 92262 Pho"c: r160)3n-99001 F.: (760)123-I449 Eu mj
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Property Address: Lots 5-12Blk 129 Santa Cazmalita at Vale La Quints Date:July 30, 20D7
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6. Tax Withholding: The sale is not exempt from the obligation of the buyer to withhold a portion of the purchase price
under federal law if the transferor is a "foreign person° or under state law if the transferor had a last known street
address outside of California. Federal: For federal purposes, a non-resident alien includes a fiduciary, An administrator
or executor of an estate is treated as a non-resident even if all beneficiaries are citizens or residents of the United
States. State: If the decedent was a California resident at the time of death, the estate is treated as a Cal'Ifomid
resident regardless of the residency of the executor or administrator.
7. Brokers:
A. Inspection: The sale is not exempt from the Broker's obligation to conduct a reasonably competent and diligent
visual inspection of the accessible areas of the property and disclose to Buyer material facts revealed by such an
inspection in the sale of residential property containing one -to -four dwelling units. Brokers may do so on C.A.R.
form AID-11.
B. Agency: The sale is not exempt from the obligation to provide agency relationship disclosure and confirmation
forms in the sale of residential property containing one -to -four dwelling units.
OTHER CONSIDERATIONS:
1. Local Lavir Local law may impose obligations on the transfer of real property (such as the installation of low flow toilets
or shower heads, or installation of smoke detectors). Local law should be consulted to determine if sales made under
the authority of the California Probate Code are exempt from such requirements.
2. Death: If the Property is being sold under authority of the Probate Code because of the death of an owner of the
Property and if Buyer has concerns about the manner, location or details of the death, then Buyer should direct any
specific questions to the executor or administrator of the estate.
3. Stock Cooperatives: It the Property is part of a stock cooperative (Co-op), Buyer may be required to seek approval of
the Board or Owner's Association of the Co-op prior to transfer of title. If this is not a contingency of the sale, failure of
Buyer to gain approval of the Co-op board will not provide grounds for cancellation or rescission of the sale.
4. Court Confirmationfindependent Authority:
The representative of a decedent's estate may receive authority to sell the Property under the Independent
Administration of Estates Act (IAEA). In order to do so, the representative must first petition the Probate Court. The
Petition may be made at the time the representative Is approved or any other time. Notice of the Petition is given to
heirs, devisees, executors and otherinterested persons, any of whom may object.
If IAEA authority is granted it may be full or limited. If only limited authority has been granted, the sale must be
confirmed by the court. If full authority has been granted, the representative must first give a notice of the proposed
sale to the devisees and heirs of the decedent and other interested parties. If no objection is received, the sale may
proceed. If any noticed person objects, the sale may require court confirmation. Note: A representative with full
authority has the option of proceeding to court for confirmation even if not required to do so under the Probate Code.
Date July 30, 2007
Buyer
Le Quinta Redevelopment Agency
Buyer
This forth Is callable for use by the entire real estate Industry. It Is not
intended to IderaNy the user as a REALTOFO. REALTOR® Is a
reglatered collec*6 membership mark which may be used only by REVISED IGI99
members of the NATIONAL ASSOCIATION OF 13EALTORSO who Page 2 of 2 Pages.
subscribe to Its Code of Ethics.
Date
Seiler
Satate of Audrey B. Oatrotvsky
Seller
PROBATE ADVISORY (PAK-11 PAGE 2 OF 2)
OFFICE USE ONLY
Reviaved by Broker
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or Designee
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