2010 11 16 RDARedevelopment 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, NOVEMBER 16, 2010
3:30 P.M. Closed Session / 4:00 P.M. Open Session
Beginning Resolution No. RA 2010-011
CALL TO ORDER
Roll Call:
Agency Board Members: Adolph, Franklin, Henderson, Sniff, Chairperson Evans
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 REAL PROPERTY LOCATED SOUTHEAST OF THE
MILES AVENUE AND WASHINGTON STREET INTERSECTION AND NORTH
OF THE WHITEWATER STORM CHANNEL. PROPERTY OWNER/
NEGOTIATOR: CP DEVELOPMENT LA QUINTA, LLC, RICHARD OLIPHANT.
Redevelopment Agency Agenda 1 November 16, 2010 "" ' (") O I
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 NOVEMBER 2, 2010.
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 NOVEMBER 16, 2010.
2. RECEIVE AND FILE TREASURER'S REPORT DATED SEPTEMBER 30, 2010.
3. RECEIVE AND FILE REVENUE & EXPENDITURES REPORT DATED
SEPTEMBER 30, 2010.
BUSINESS SESSION
1. CONSIDERATION OF PURCHASE AND SALE AGREEMENT BETWEEN THE
LA QUINTA REDEVELOPMENT AGENCY AND BANK OF AMERICA FOR
PROPERTY LOCATED AT 77-330 CALLE SONORA (APN 773-212-01 1).
A. MINUTE ORDER ACTION
STUDY SESSION — NONE
Redevelopment Agency Agenda 2 November 16, 2P/b0.. 0 0 ��
CHAIR AND BOARD MEMBERS' ITEMS - NONE
PUBLIC HEARINGS - NONE
ADJOURNMENT
The next regular meeting of the Redevelopment Agency will be held on December
7, 2010, 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
November 16, 2010, 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 1 1 1, on November 12, 2010.
DATED:/govember 12, 2010
VERONICA J. NTECINO, City Clerk
City of La Quinta, California
Public Notice
Any writings or documents provided to a majority of the Redevelopment Agency regarding
any item on this agenda will be made available for public inspection at the City Clerk
counter at City Hall located at 78-495 Calle Tampico, La Quinta, California, 92253, during
normal business hours.
Redevelopment Agency Agenda 3 November 16, 2090. ') (�
RDA MEETING DATE: 1'Jovember 16, 2010
ITEM TITLE: Demand Register Dated
November 16, 2010
RECOMMENDATION_
It is recommended the Redevelopment Agency Board:
Receive and File the Demand Register Dated
November 16, 2010 of which $291,936.49
AGENDA CATEGORY:
BUSINESS SESSION
CONSENT CALENDAR
STUDY SESSION
PUBLIC HEARING
PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
n aaam
OF TKE9
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: November 16, 2010 BUSINESS SESSION:
ITEM TITLE: Receive and File Transmittal of CONSENT CALENDAR: p2+
Treasurer's Report dated September 30, 2010 STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and file.
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
a •� Zfw 4"Ircu
v 5
of AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: November 16, 2010 BUSINESS SESSION:
ITEM TITLE: Receive and File Transmittal of Revenue CONSENT CALENDAR:
and Expenditure Report dated September 30, 2010 STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
Transmittal of the September 30, 2010 Statement of Revenue and Expenditures for
the La Quinta Redevelopment Agency.
Respectfully submitted,
John M. Falconer, Finance Director
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachment: 1. Revenue and Expenditures, September 30, 2010
ATTACHMENT 1
07/01 /2010 - 09/30/2010
LA QUINTA REDEVELOPMENT AGENCY
ADJUSTED
REMAINING
%
REVENUE SUMMARY
BUDGET
RECEIVED
BUDGET
RECEIVED
PROJECT AREA NO. 1:
LOW/MODERATE TAX FUND:
Tax Increment
9,912,200.00
0.00
9,912,200.00
0.000%
Allocated Interest
46,800.00
1,266.53
45,533.47
2.710%
Non Allocated Interest
0.00
436.08
(436.08)
0.000%
Miscellaneous revenue
0.00
0.00
0.00
0.000%
Non Allocated Interest
0.00
0.00
0.00
0.000%
LQRP•-Rent Revenue
0.00
0.00
0.00
0.000%
Home Sales Proceeds
150,000.00
0.00
150,000.00
0.000%
Sale of Land
0.00
0.00
0.00
0.000%
Sewer Subsidy Reimbursements
0.00
0.00
0.00
0.000%
Rehabilitation Loan Repayments
0.00
0.00
0.00
0.000%
2nd Trust Deed Repayment
0.00
0.00
0.00
0.000%
Williams Note Payment
0.00
0.00
0.00
0.000%
Transfer In
0.00
0.00
0.00
0.000%
TOTAL LOW/MOD TAX
10,109,000.00
1,702.61
10,107,297.39
0.020%
DEBT SERVICE FUND:
Tax Increment
39,648,800.00
0.00
39,648,800.00
0.000%
Allocated Interest
0.00
0.00
0.00
0.000%
Non Allocated Interest
0.00
1,543.37
(1,543.37)
0.000%
Interest - County Loan
0.00
0.00
0.00
0.000%
Interest Advance Proceeds
0.00
0.00
0.00
0.000%
Transfers In
4,438,934.00
3,019,679.27
1,419,254.73
68.030%
TOTAL DEBT SERVICE
44,087,734.00
3,021,222.64
41,066,511.36
6.850%
CAPITAL IMPROVEMENT FUND
Pooled Cash Allocated Interest
8,200.00
8,322.27
(122.27)
101.490%
Non Allocated Interest
30,400.00
6,157.17
24,242.83
20.250%
Developer Agreement Funding
0.00
6,499.00
(6,499.00)
0.000%
Sale of Land Proceeds
0.00
0.00
0.00
0.000%
Rental Income
0.00
0.00
0.00
0.000%
Litigation Proceeds
0.00
0.00
0.00
0.000%
Transfers In
5,000,000.00
0.00
5,000,000.00
0.000%
TOTAL CAPITAL IMPROVEMENT
5,038,600.00
20,978.44
5,017,621.56
0.420%
LA QUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT AREA NO. 2:
LOW/MODERATE TAX FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Wash St Apts Interest Income
WSA Fed Govt Assistance Pymts
WSA Fed Govt Interest Rate Subsidy
Developer funding
Wash St Apts Rental Income
Wash St Apts Other Revenues
2nd Trust Deed Repayment
ERAF Shift - Interest
Sale of Land
Transfer In
TOTAL LOW/MOD TAX
2004 LOW/MODERATE BOND FUND:
Allocated Interest
Home Sale Proceeds
Non Allocated Interest
Transfer In
TOTAL LOW/MOD BOND
DEBT SERVICE FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Interest Advance Proceeds
Transfer In
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND:
Allocated Interest
Non Allocated Interest
Misc Revenue
Sale of land
Transfers In
TOTAL CAPITAL IMPROVEMENT
07/01/2010 - 09/30/2010
ADJUSTED REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
5,573,400.00
0.00
5,573,400.00
0.000%
60,800.00
3,847.58
46,952.42
7.570%
2,500.00
0,00
2,500.00
0.000%
3,600.00
205.10
3,394.90
5.700%
451,400.00
75,581.00
375,819.00
16.740%
46,800.00
0.00
46,800.00
0.000%
0.00
0.00
0.00
0.000%
163,300.00
25,536.64
137,763.36
15.640%
4,200.00
954.62
3,245.38
22.730%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
6,296,000.00
106,124.94
6,189,875.06
1.690%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
8,700.00
1,974.75
6,725.25
22.700%
0.00
0.00
0.00
0.000%
8,700.00
1,974.75
6,725.25
22.700%
22,293,800.00
0.00
22,293,800.00
0.000%
0.00
0.00
0.00
0.000%
0.00
3,379.34
(3,379.34)
0.000%
0.00
0.00
0.00
0.000%
2,947,648.00
1,268,838.66
1,678,809.34
43.050%
25,241,448.00
1,272,218.00
23,969,230.00
5.040%
5,100.00
593.61
4,506.39
11.640%
6,000.00
1,200.48
4,799.52
20.010%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
4,300,000.00
0.00
4,300,000.00
0.000%
4,311,100.00
1,794.09
4,309,305.91
0.040%
.„ 008 3
LA QUINTA REDEVELOPMENT AGENCY
EXPENDITURE SUMMARY
PROJECT AREA NO. 1:
LOW/MODERATE TAX FUND:
PERSONNEL
SERVICES
LQ RENTL PROGRAM
2nd TRUST DEED PROGRAM
BUILDING HORIZONS
LAND ACQUISITION
LOW MOD HOUSING PROJECTS
FORECLOSURE
REIMBURSEMENT TO GEN FUND
TRANSFERS OUT
TOTAL LOW/MOD TAX
DEBT SERVICE FUND:
SERVICES
BOND PFINCIPAL
BONDINTEREST
INTEREST CITY ADVANCE
PASS THROUGH PAYMENTS
ERAF SHIFT
TRANSFERS OUT
CAPITAL IMPROVEMENT FUND:
ADJUSTED 9130/10 REMAINING
BUDGET EXPENDITURES ENCUMBERED BUDGET
1,100.00
0.00
0.00
1,100.00
373,040.00
26,661.95
0.00
346,378.05
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
250,000.00
0.00
0.00
250,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,350,000.00
4,859.10
0.00
1,345,140.90
947,565.00
236,892.00
0.00
710,673.00
4 712 813.00
3 084 1502!5,3.43
0.00
1.62662.57
484,400.00
6,240.00
0.00
478,160.00
3,330,000.00
3,330,000.00
0.00
0.00
6,941,435.00
3,523,119.38
0.00
3,418,315.62
1,720,000.00
430,000.11
0.00
1,289,999.89
22,738,549.00
404,812.75
0.00
22,333,736.25
0.00
0.00
0.00
0.00
8,963,138.00
DEBT SERVICE
2,576726.97
0.00
o.oUTOTAL
6,387011.03
PERSONNEL
SERVICES
1,100.00
0.00
0.00
1,100.00
LAND ACQUISITION
700,900.00
0.00
103,525.56
0.00
597,374.44
ASSESSMENT DISTRICT
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ADVERTISING -ECONOMIC DEV
0.00
0.00
0.00
0.00
ECONOMIC DEVELOPMENT
0.00
0.00
0.00
0.00
BOND ISSUANCE COSTS
0.00
0.00
0.00
0.00
CAPITAL - BUILDING
0.00
0.00
0.00
0.00
REIMBURSEMENT TO GEN FUND
426,693.00
106,674.00
0.00
320,019.00
TRANSFERS OUT
45 799 861.00
68 376.06
0.00
731
45,,484.94
TOTAL CAPITAL IMPROVEMENT
LA QUINTA REDEVELOPMENT AGENCY
EXPENDITURE SUMMARY
PROJECT AREA NO. 2:
LOW/MODERATE TAX FUND:
PERSONNEL
SERVICES
WASH ST APTS OTHER EXPENSES
2ND TRUST DEEDS
LOW MOEI HOUSING PROJECTS
FORECLOSURE ACQUISITION
VISTA DUNES PARK
LAND ACQUISITION
WSA PRIM/PROVIDENT LOAN
WSA PRIM/USDA LOAN
WSA INTEREST/PROVIDENT LOAN
WSA INTEREST/USDA LOAN
REIMBURSEMENT TO GEN FUND
TRANSFERS OUT
TOTAL LOW/MOD TAX
ADJUSTED 9/30110 REMAINING
BUDGET EXPENDITURES ENCUMBERED BUDGET
700.00
0.00
0.00
700.00
473,500.00
44,567.31
0.00
428,932.69
429,300.00
55,085.00
0.00
374,215.00
0.00
0.00
0.00
0.00
3,000.00
0.00
0.00
3.000.00
450,000.00
0.00
0.00
450,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
27,525.00
4,429.76
0.00
23,095.24
11,788.00
1,868.78
0.00
9,919.22
126,949.00
21,315.98
0.00
105,633.02
73,494.00
4,526.26
0.00
68,967.74
551,634.00
137,907.00
0.00
413,727.00
11 648 437.00
1,282 505.46
0.00
10 365 931.54
2004 LOW/MODERATE BOND FUND
HOUSING PROGRAMS
0.00
0.00
0.00
0.00
LAND
TRANSFERS OUT
0.00
75,707.00
0.00
0.00
0.00
0.00
0.00
7',707.00
TOTAL LOW/MOD BOND
DEBT SERVICE FUND:
SERVICES
BOND PRINCIPAL
255,100.00
125,000.00
3,025.00
125,000.00
0.00
0.00
252,075.00
0.00
BOND INTEREST
INTEREST CITY ADVANCE
293,272.00
1,656,500.00
148,237.50
414,132.00
0.00
0.00
145,034.50
1,242,368.00
PASS THROUGH PAYMENTS
18,935,710.00
0.00
0.00
18,935,710.00
ERAF SHIFT
TRANSFERS OUT
4,850,687.00
6 251 993.00
0.00
1,268 838.66
0.00
0.00
4,850,687.00
4 983 154.34
TOTAL DEBT SERVICE!233
CAPITAL IMPROVEMENT FUND:
PERSONNEL
700.00
0.00
0.00
700.00
SERVICES
CAPITAL
172,150.00
15,293.36
0.00
156,856.64
ECONOMIC; DEVELOPMENT ACTIVITY
0.00
2,300,000.00
0.00
0.00
0.00
0.00
0.00
2,300,000.00
REIMBURSEMENT TO GEN FUND
76,611.00
19,155.00
0.00
57,456.00
TRANSFERS OUT
4 424 385.00
35,731.64
0.00
4,388,653.36
TOTAL CAPITAL IMPROVEMENT
4
COUNCIL/RDA MEETING DATE: November 16, 2010
ITEM TITLE: Consideration of a Purchase and Sale
Agreement Between the Redevelopment Agency and
Bank of America for Property Located at 77-330 Calle
Sonora - APN 773-212-01 1
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Approve a draft: Purchase and Sale Agreement between the Redevelopment Agency
and Bank of America for property located at 77-330 Calle Sonora, and authorize the
Executive Director to approve the final sales price, execute the agreement once the
price has been established, accept the Grant Deed, and execute the contracts
necessary to rehabilitate the purchased unit (Attachment 1).
FISCAL IMPLICATIONS:
Adequate funds are budgeted in the Redevelopment Project Area No 1 Low- and
Moderate -Income Housing Fund (Account 245-9001-703.51-55). Purchase price for
this property should be approximately of $90,000, the asking price was $107,800; it
is anticipated another $50,000 will be spent for substantial rehabilitation.
BACKGROUND AND OVERVIEW:
On August 3, 2010, the Agency Board approved the purchase and sale program for
bank -owned homes and authorized the Executive Director to execute purchase and sale
agreements, execute all documents necessary to implement the program, including
accepting the Grant Deeds, and execute the contracts necessary to rehabilitate the
purchased units. To date, the Agency has purchased six units and has completed
rehabilitation on five units. The only reason this specific Purchase and Sale Agreement
is on the agenda for Agency Board is due to a potential conflict of interest.
The above -listed house, owned by Bank of America, was recently offered for sale. The
3-bedroom, 2-bath home is 1,439 square feet, and is in need of substantial
rehabilitation. La Quinta Palms Real Estate, the Agency's real estate consultant, has
forwarded an offer from the Agency in the amount of $90,000. As of this writing,
J.1u
staff was waiting to hear if this offer has been accepted. If a price has been
determined prior to the November 16, 2010 Agency Board meeting, staff will prepare
a supplemental staff report with updated information. If the offer is not accepted, the
Executive Director will place a counter-offer, or will terminate the offer if agreement on
the sales price cannot be reached.
One of the informal purchase criteria that Agency staff has followed under the
previously authorized bank -owned home purchase program was that the home not be
located within 500 feet of any of the Board Member's home. This criterion was used
to avoid any potential conflict of interest in exercising the blanket purchase authority
granted by the Agency Board to the Executive Director. The home that is the subject
report does not meet this criterion but nonetheless is considered to be a prime
candidate for rehabilitation due to its current condition. The home is just within 500
feet of Board Member Stan Sniff's residence. This item was placed on the Board's
agenda to allover the Agency Board to vote on this item separate and apart from the
blanket purchase authority previously granted to the Executive Director.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency Board include:
1. Approve a draft Purchase and Sale Agreement between the Redevelopment
Agency and Bank of America for property located at 77-330 Calle Sonora, and
authorize the Executive Director to execute the agreement, including final price,
accept the Grant Deed and execute the contracts necessary to rehabilitate the
purchased unit; or
2. Do not approve a draft Purchase and Sale Agreement between the
Redevelopment Agency and Bank of America for property located at 77-330
Calle Sonora; or
3. Provide staff with alternative direction.
Respectfully submitted,
Douglas R. lEvans
Assistant City Manager - Development Services
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachment: 1 . Draft Purchase and Sale Agreement
CALIFORNIA ATTACHMENT I
�- CA L I F O R N I A RESIDENTIAL PURCHASE AGREEMENT
ASSOC I AT I ON AND JOINT ESCROW INSTRUCTIONS
••� O F R E A L T O IZ S e For Use With Single Family Residential Property — Attached or Detached
(C.A.R. Form RPA-CA, Revised 4110)
1.
2.
3.
Date Novamt►er 8, 2010
OFFER:
A. THIS IS AN OFFER FROM _ Za Ouinta Red9M&cr ataent Agency , A Pu>2 !c Body. Co=x=Ate&FO11t1C ("Buyer").
B. THE REAL PROPERTY TO BE ACQUIRED is described as 77330 Call* Sonora, is Ouinta CA 92253
, Assessor's Parcel No. 773-B2i-011 , situated in
a Quints , County of Riverside California, ("Property').
C. THE PURCHASE PRICE_ offered is Ninety Thousand
(Dollars $ 9o, 000, 00 ).
D. CLOSE OF ESCROW shall occur on (date) (or ® 30 Days After Acceptance).
AGENCY:
A. DISCLOSURE: Buyer and Seller each acknowledge prior receipt of a "Disclosure Regarding Real Estate Agency Relationships"
(C.A.R. Form AD).
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 representation
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 jrS, Qj�inta 2a jm�g�,j,)sy (Print Firm Name) is the agent
of (check one): ❑ the Seller exclusively; or 0 both the Buyer and Seller.
Selling Agent Za OuzEnta Fa]Z= R"1 tv (Print Firm Name) (if not the same as the
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.
FINANCE TERMS: Buyer represents that funds will be good when deposited with Escrow Holder.
A. INITIAL DEPOSIT: Deposit shall be in the amount of ................................... ............... $ 5,000.00
(1) Buyer shall deliver deposit directly to Escrow Holder by personal check, ® electronic funds transfer, El Other
within 3 business days after acceptance (or 0 Other );
OR (2) (If checked) Buyer has given the deposit by personal check (or (] )
to the agent submitting the offer (or too )
made payable to . The deposit shall be held
uncashed until Acceptance and then deposited with Escrow Holder (or 0 into Broker's trust account) within 3
business days after Acceptance (or 0 Other )
B. INCREASED DEPOSIT„ Buyer shall deposit with Escrow Holder an increased deposit In the amount of ........... $
within Days After Acceptance, or 0
If a liquidated damages clause is incorporated into this Agreement, Buyer and Seller shall sign a separate
liquidated damages clause (C.A.R. Form RID) for any increased deposit at the time it is deposited.
C. LOAN(S):
(1) FIRST LOAN: in the: amount of................................................................. $
This loan will be conventional financing or, if checked, ❑ FHA, 0 VA, ❑ Seller (C.A.R. Form SFA),
0 assumed financing (C.A.R. Form PAA), [] Other . This loan shall be at a fixed
rate not to exceed % or, 0 an adjustable rate loan with initial rate not to exceed %.
Regardless of the type of loan, Buyer shall pay points not to exceed % of the loan amount.
(2) ❑ SECOND LOAN„ in the amount of............................................................ $
This loan will be conventional financing or, if checked, 0 Seller (C.A.R. Form SFA), 0 assumed financing
(C.A.R. Form PAA), 0 Other . This loan shall be at a fixed rate not to exceed
% or, 0 an adjustable rate loan with initial rate not to exceed %. Regardless of
the type of loan, Buyer shall pay points not to exceed % of the loan amount.
(3) FHA/VA: For any FHA or VA loan specified above, Buyer has 17 (or [] ) Days After Acceptance
to Deliver to Seller written notice (C.A.R. Form FVA) of any lender -required repairs or costs that Buyer
requests Seller to pay for or repair. Seller has no obligation to pay for repairs or satisfy lender requirements
unless otherwise agreed in writing.
D. ADDITIONAL FINANCING TERMS:
E. BALANCE OF PURCHASE PRICE OR DOWN PAYMENT: in the amount of ................................ $ 85, 000.0
to be deposited with Escrow Holder within sufficient time to close escrow.
F. PURCHASE PRICE (TOTAL): ............................................................... ..... $ 90,000.00
Buyer's Initials ( ) ( ) Seller's Initials ( ) ( ) .�
The copyright laws of the United States (Title 17 U.S. Code) forbid the unauthorized reproduction of this form, or Em�M.11aR11c
any portion thereof, by photocopy machine or any other means, including facsimile or computerized formats. opPes70Nny
Copyright O 1991-2010, CALIFORNIA ASSOCIATION OF REALTORS*, INC. ALL RIGHTS RESERVED.
RPA-CA REVISED 4110 (PAGE 1 OF 8) Reviewed by Date
CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 1 OF 8)
Agent: Bruce Cathcart Phone: 760.564AI04 Fax: 760.664.0344 Prepared using x1pFormt software
Broker: La Quints Palms Real Estate Co 51-001 Eisenhower Drive La Qulnta , CA 92253
77330 Calle Sonora
Property Address: La Quint:a, CA 92253 Date: November 8, 2010
G. VERIFICATION OF DOWN PAYMENT AND CLOSING COSTS: Buyer (or Buyer's lender or loan broker pursuant to 3H(1)) shall, within 7 (or
❑ ) Days After Acceptance, Deliver to Seller written verification of Buyers down payment and dosing costs. (If checked, ❑
verification attached.)
H. LOAN TERMS:
(1) LOAN APPLICATIONS: Within 7 (or ❑ ) Days After Acceptance, Buyer shall Deliver to Seller a letter from lender or loan
broker stating that, based on a review of Buyer's written application and credit report, Buyer is prequalified or preapproved for any NEW loan
specified in 3C above. (If checked, ❑ letter attached.)
(2) LOAN CONTINGENCY: Buyer shall act diligently and in good faith to obtain the designated loan(s). Obtaining the loan(s) specified above
is a contingency of this Agreement unless otherwise agreed in writing. Buyer's contractual obligations to obtain and provide deposit, balance
of down payment and closing costs are not contingencies of this Agreement.
(3) LOAN CONTINGENCY REMOVAL:
(1) Within 17 (or ❑ ) Days After Acceptance, Buyer shall, as specked in paragraph 14, in writing remove the loan contingency
or cancel this Agreement;
OR (11) (if checked) ❑ the loan contingency shall remain in effect until the designated loans are funded.
(4) ® NO LOAN CONTINGENCY (If checked): Obtaining any loan specified above is NOT a contingency of this Agreement. If Buyer does not
obtain the loan and as a result Buyer does not purchase the Property, Seller may be entitled to Buyer's deposit or other legal remedies.
I. APPRAISAL CONTINGENCY AND REMOVAL: This Agreement is (or, if checked, ® Is NOT) contingent upon a written appraisal of the Property
by a licensed or certified appraiser at no less than the specified purchase price. If there is a loan contingency, Buyer's removal of the loan
contingency shall be deemed removal of this appraisal contingency (or, ❑ if checked, Buyer shall, as specified in paragraph 14B(3), in writing
remove the appraisal contingency or cancel this Agreement within 17 (or ) Days After Acceptance). If there is no loan contingency,
Buyer shall, as specified in paragraph 14B(3), in writing remove the appraisal contingency or cancel this Agreement within 17 (or )
Days After Acceptance.
J. ® ALL CASH OFFER (If checked): Buyer shall, within 7 (or ❑ ) Days After Acceptance, Deliver to Seller written verification of
sufficient funds to close this transaction. (If checked, ® verification attached.)
K. BUYER STATED FINANCING: Seller has relied on Buyer's representation of the type of financing specified (including but not limited to, as
applicable, amount of down payment, contingent or non contingent loan, or all cash). If Buyer seeks alternate financing, (i) Seller has no obligation
to cooperate with Buyer's efforts to obtain such financing, and (h) Buyer shall also pursue the financing method specked in this Agreement.
Buyer's failure to secure alternate financing does not excuse Buyer from the obligation to purchase the Property and close escrow as specified in
this Agreement.
4. ALLOCATION OF COSTS (If checked): Unless otherwise specified in writing, this paragraph only determines who is to pay for the inspection, test or
service ("Report") mentioned; it does not determine who is to pay for any work recommended or identified in the Report.
A. INSPECTIONS AND REPORTS:
(1) ❑ Buyer ® Seller shall pay for an inspection and report for wood destroying pests and organisms ("Wood Pest Report") prepared by
Seller to designate a registered structural pest control company.
(2) ❑ Buyer ❑ Seller shall pay to have septic or private sewage disposal systems pumped and inspected
(3) 0 Buyer ❑ Seller shall pay to have domestic wells tested for water potability and productivity
(4) ❑ Buyer ® Seller shall pay for a natural hazard zone disclosure report prepared by Seller to neeignato
(6) ❑ Buyer ❑ Seller shall pay for the following inspection or report
(6) ❑ Buyer ❑ Seller shall pay for the following inspection or report
B. GOVERNMENT REQUIREMENTS AND RETROFIT:
(1) ® Buyer ❑ Seller shall pay for smoke detector installation and/or water heater bracing, if required by Law. Prior to Close Of Escrow, Seller
shall provide Buyer written statement(s) of compliance in accordance with state and local Law, unless exempt.
(2) ❑ Buyer ❑ Seller shall pay the cost of compliance with any other minimum mandatory government retrofit standards, inspections and
reports if required as a condition of closing escrow under any Law.
C. ESCROW AND TITLE:
(1) ® Buyer ® Seller shall pay escrow fee Each to pay their own costs
Escrow Holder shall be Seiler to nasignata
(2) ❑ Buyer ® Seller shall pay for owner's title insurance policy specked in paragraph 12E
Owner's title policy to be issued by Seller to designate
(Buyer shall pay for any title insurance policy insuring Buyer's lender, unless otherwise agreed in writing.)
D. OTHER COSTS:
(1) ❑ Buyer ® Seller shall pay County transfer tax or fee
(2) ❑ Buyer ❑ Seller shall pay City transfer tax or fee
(3) ❑ Buyer ❑ Seller shall pay Homeowners Association ("HOA") transfer fee
(4) ❑ Buyer ❑ Seller shall pay HOA document preparation fees
(5) Buyer ❑ Seller shall pay for any private transfer fee
(6) [] Buyer ❑ Seller shall pay the cost, not to exceed $ of a one-year home warranty plan,
issued by with the following optional coverages:
❑ Air Conditioner ❑ Pool/Spa ❑ Code and Permit upgrade ❑ Other:
Buyer is informed that home warranty plans have many optional coverages in addition to those listed above. Buyer is advised to investigate
these coverages to determine those that may be suitable for Buyer.
(7) ❑ Buyer ❑ Seller shall pay for
(8) [f Buyer ❑ Seller shall pay for
Buyers Initials ( ) (, ) Sellers Initials ( ) ( )
Copyright 01991-2010, CALIFORNIA ASSOCIATION OF REALTORSO, INC. fa,
RPA-CA REVISED 4/10 (PAGE 2 OF 8) Reviewed by Date
CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 2 OF 8) 54155 Avenida
1< J 1 3
77330 Calle Sonora
Property Address: La Qui,nta , CA 92253 Date: November 8, 2010
5. CLOSING AND POSSESSION:
A. Buyer intends (or ® does not intend) to occupy the Property as Buyer's primary residence.
B. Seller -occupied or vacant property: Possession shall be delivered to Buyer at 5 PM or ((] AM PM), on the date of Close
Of Escrow; ❑ on ; or no later than Days After Close Of Escrow. If transfer of title
and possession do not occur at the same time, Buyer and Seller are advised to: (i) enter into a written occupancy agreement (C.A.R. Form PAA,
paragraph 2); and (if) consult with their insurance and legal advisors.
C. Tenant -occupied property:
(1) 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 Property vacant in accordance with rent control and other applicable Law, you may be in breach of this
Agreement.
OR (11) (if checked) ❑ Tenant to remain In possession. (C.A.R. Form PAA, paragraph 3)
D. At Close Of Escrow, (i) Seller assigns to Buyer any assignable warranty rights for items included in the sale, and (11) Seller shall Deliver to Buyer
available Copies of warranties. Brokers cannot and will not determine the assignability of any warranties.
E. At Close Of Escrow, unless otherwise agreed in writing, Seller shall provide keys and/or means to operate all locks, mailboxes, security systems,
alarms and garage door openers. If Property is a condominium or located in a common interest subdivision, Buyer may be required to pay a
deposit to the Homeowners' Association ("HONJ to obtain keys to accessible HOA facilities.
STATUTORY DISCLOSURES (INCLUDING LEAD -BASED PAINT HAZARD DISCLOSURES) AND CANCELLATION RIGHTS:
A. (1) Seller shall, within the time specified in paragraph 14A, Deliver to Buyer, if required by Law: (1) Federal Lead -Based Paint Disclosures (C.A.R.
Form FLD) and pamphlet ("Lead Disclosures"); and (11) disclosures or notices required by sections 1102 at. seq. and 1103 at. seq. of the Civil
Code ("Statutory Disclosures"). Statutory Disclosures include, but are not limited to, a Real Estate Transfer Disclosure Statement ('TDS"),
Natural Hazard Disclosure Statement ("NHD"), notice or actual knowledge of release of illegal controlled substance, notice of special tax
and/or assessments (or, if allowed, substantially equivalent notice regarding the Mello -Roos Community Facilities Act and Improvement Bond
Act of 1915) and, if Seller has actual knowledge, of industrial use and military ordinance location (C.A.R. Form SPQ or SSD).
(2) Buyer shall, within the time specified in paragraph 14B(1), return Signed Copies of the Statutory and Lead Disclosures to Seller.
(3) In the event Seller, 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, Seller shall promptly provide a subsequent or
amended disclosure or notice, in writing, covering those items. However, a subsequent or amended disclosure shall not be required for
conditions and material inaccuracies of which Buyer is otherwise aware, or which are disclosed in reports provided to or obtained by
Buyer or ordered and paid for by Buyer.
(4) If any disclosure or notice specified in 6A(1), or 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.
(5) Note to Buyer and! Seller: Waiver of Statutory and Lead Disclosures is prohibited by Law.
B. NATURAL AND ENVIRONMENTAL HAZARDS: Within the time specified in paragraph 14A, Seller shall, if required by Law: (i) Deliver to Buyer
earthquake guides (anti questionnaire) and environmental hazards booklet; (11) even if exempt from the obligation to provide a NHD, 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 (111) disclose any other zone as required by Law and provide any other
information required for those zones.
C. WITHHOLDING TAXES: Within the time specified in paragraph 14A, to avoid required withholding, Seller shall Deliver to Buyer or qualified
substitute, an affidavit sufficient to comply with federal (FIRPTA) and California withholding Law, (C.A.R. Form AS or QS).
D. MEGAN'S LAW DATABASE 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 website during Buyer's inspection contingency period. Brokers do not have expertise in this
area.)
CONDOMINIUM/PLANNED DEVELOPMENT DISCLOSURES:
A. SELLER HAS: 7 (or [] ) Days After Acceptance to disclose to Buyer whether the Property is a condominium, or is located in a
planned development or o erg interest subdivision (C.A.R. Form SPQ or SSD).
B. If the Property is a condominium or is located in a planned 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; (it) disclosure of any pe ing
or anticipated claim or litigation by or against the HOA; (if!) a statement containing the location and number of designated parking and storage
spaces; (Iv) 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, "Cl Disclosures"). Seller shall itemize and Deliver to Buyer all Cl Disclosures received from the HOA
and any Cl Disclosures in Seller's possession. Buyer's approval of Cl Disclosures is a contingency of this Agreement as specified in paragraph
14B(3).
ITEMS INCLUDED IN AND EXCLUDED FROM PURCHASE PRICE:
A. NOTE TO BUYER AND SELLER: Items listed as included or excluded in the MILS, flyers or marketing materials are not included in the purchase
price or excluded from the sale unless specified in 8B 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, trees/shrubs, water softeners, water purifiers, security systems/alarms; (If checked stove(s), ❑ refrigerator(s); and
(3) The following additional items:
(4) Seller represents that all items included in the purchase price, unless otherwise specified, are owned by Seller.
(6) All items included shall be transferred free of liens and without Seller warranty.
C. ITEMS EXCLUDED FROM SALE: Unless otherwise specified, audio and video components (such as flat screen TVs and speakers) are excluded
if any such item is not Itself attached to the Property, even if a bracket or other mechanism attached to the component is attached to the Property;
and
Buyer's Initials ( ) ( ) Seller's Initials
Copyright 01991-2010, CALIFORNIA ASSOCIATION OF REALTORS®, INC.
RPA-CA REVISED 4110 (PAGE: 3 OF 8) 1 Reviewed by Date cne
CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 3 OF 8) 54155 Avenida
4, 4
77330 Calle Sonora
Property Address: La Quinta, CA 92253 Date: November 8, 2010
9. CONDITION OF PROPERTY: Unless otherwise agreed: (1) the Property is sold (a) in its PRESENT physical ("as -is") condition as of the date of
Acceptance and (b) subject to Buyer's Investigation rights; (11) the Property, including pool, spa, landscaping and grounds, is to be maintained in
substantially the same condition as on the date of Acceptance; and (Ili) all debris and personal property not included in the sale shall be removed by
Seller by Close Of Escrow.
A. Seller shall, within the time specified in paragraph 14A, DISCLOSE KNOWN MATERIAL FACTS AND DEFECTS affecting the Property, including
known insurance claims within the past five years, and make any and all other disclosures required by law.
B. Buyer has the right to inspect the Property and, as specified in paragraph 148, based upon information discovered in those inspections: (i) cancel
this Agreement; or (ii) request that Seller make Repairs or take other action,
C. Buyer is strongly advised to conduct investigations of the entire Property in order to determine its present condition. Seller may not be
aware of all defects affecting the Property or other factors that Buyer considers important. Property improvements may not be built
according to code, in compliance with current Law, or have had permits Issued.
10. BUYER'S INVESTIGATION OF PROPERTY AND MATTERS AFFECTING PROPERTY:
A. Buyer's 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 14B. Within the time specified in paragraph 146(1), 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:
(1) inspect for lead -based paint and other lead -based paint hazards; (1I) inspect for wood destroying pests and organisms; (111) 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 Buyer's Inspection Advisory (C.A.R. Form BIA). Without Seller's prior written consent, Buyer shall neither make nor cause to be made: (1)
invasive or destructive (Buyer Investigations; or (if) inspections by any governmental building or zoning inspector or government employee, unless
required by Law.
B. Seller shall make the Property available for all Buyer Investigations. Buyer shall (i) as specified in paragraph 14B, complete Buyer Investigations
and, either remove the contingency or cancel this Agreement, and (11) give Seller, at no cost, complete Copies of all Investigation reports obtained
by Buyer, which obligation shall survive the termination of this Agreement.
C. Seller shall have water, gas, electricity and all operable pilot lights on for Buyer's Investigations and through the date possession is made
available to Buyer.
D. Buyer Indemnity and Seller protection for entry upon property: Buyer shall: (i) keep the Property free and clear of liens; (if) repair all damage
arising from Buyer Investigations; and (111) indemnify and hold Seller harmless from all resulting liability, claims, demands, damages and costs of
Buyer's investigations. Buyer shall carry, or Buyer shall require anyone acting on Buyer's behalf to cant', policies of liability, workers'
compensation and other applicable insurance, defending and protecting Seller from liability for any injuries to persons or property occurring during
any Buyer Investigations or work done on the Property at Buyer's direction prior to Close 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. Buyer's obligations under this paragraph shall survive the termination or cancellation of this Agreement and Close of Escrow.
11. SELLER DISCLOSURES; ADDENDA; ADVISORIES; OTHER TERMS:
A. Seller Disclosures (if checked): Seller shall, within the time specified in paragraph 14A, complete and provide Buyer with a:
❑ Seller Property Questionnaire (C.A.R. Form SPQ) OR ❑ Supplemental Contractual and Statutory Disclosure (C.A.R. Form SSD)
B. Addenda (if checked): ❑ Addendum # (C.A.R. Form ADM)
® Wood Destroying Pest Inspection and Allocation of Cost Addendum (C.A.R. Form WPA)
Purchase Agreement Addendum (C.A.R Form PAA) ❑ Septic, Well and Property Monument Addendum (C.A.R. Form SWPI)
Short Sale Addendur n (C.A.R. Form SSA) ❑ Other
C. Advisories (if checked): ® Buyer's Inspection Advisory (C.A.R. Form BIN
❑ Probate Advisory (C.A.R. Form PAK) ❑ Statewide Buyer and Seller Advisory (C.A.R. Form SBSA)
❑ Trust Advisory (C.A.IR. Form TA) ® REO Advisory (C.A.R. Form REO)
D. Other Terms: This transaction is subject to the aaoronal of the La duinta Re t Agency
Board at their 1st meeting; following the Seller's acceptance of a final contract on this proyert
12. TITLE AND VESTING:
A. Within the time specified in paragraph 14, Buyer shall be provided a current preliminary title report, which shall include a search of the General
Index. Seller shall within 7 Days After Acceptance give Escrow Holder a completed Statement of Information. The preliminary report is only an
offer by the title insurer to issue a policy of title insurance and may not contain every item affecting title. 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 14B.
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: (1) monetary liens of record unless Buyer is assuming those obligations or taking
the Property subject to those obligations; and (it) those matters which Seller has agreed to remove in writing.
C. Within the time specified in paragraph 14A, 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 if currently owned by Seller. Title shall vest as designated in
Buyer's supplemental escrow instructions. THE MANNER OF TAKING TITLE MAY HAVE SIGNIFICANT LEGAL AND TAX CONSEQUENCES.
CONSULT AN APPROPRIATE PROFESSIONAL.
E. Buyer shall receive a CLTA/ALTA Homeowner's Policy of Title Insurance. A title company, at Buyer's request, can provide information about the
availability, desirability, coverage, survey requirements, 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.
13. SALE OF BUYER'S PROPERTY:
A. This Agreement is NOT contingent upon the sale of any property owned by Buyer.
OR B. ❑ (If checked): The attached addendum (C.A.R. Form COP) regarding the contingency for the sale of property owned by Buyer is incorporated
into this Agreement.
Buyer's Initials ( ) ( ) Seller's Initials ( ) ( )
Copyright 01991-2010, CALIFORNIA ASSOCIATION OF RFALTORS®, INC.
RPA-CA REVISED 4/10 (PAGE', 4 OF 8) Reviewed by Date %0
rumr
CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 4 OF 8) 54155 Avenida
i_�
77330 Calle Sonora
Property Address: La QuInta, CA 92253 Date: November 8, 2010
14. 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 by either Buyer or
Seller must be exercised in good faith and in writing (C.A.R. Form CR or CC).
A. SELLER HAS: 7 (or [] ) Days After Acceptance to Deliver to Buyer all Reports, disclosures and information for which Seller is
responsible under paragraphs 4, 6A, B and C, 7A, 9A, 11A and B, and 12. Buyer may give Seller a Notice to Seller to Perform (C.A.R. Form NSP)
if Seller has not Delivered the Items within the time specified.
B. (1) BUYER HAS: 17 (or ® 7 ) Days After Acceptance, unless otherwise agreed in writing, to:
(i) complete all Buyer Investigations; approve all disclosures, reports and other applicable information, which Buyer receives from Seller; and
approve all other matters affecting the Property; and
(ii) Deliver to Seller Signed Copies of Statutory and Lead Disclosures Delivered by Seller in accordance with paragraph 6A.
(2) Within the time specified in 14B(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) Within the time specified in 14B(1) (or as otherwise specified in this Agreement), Buyer shall Deliver to Seller either (i) a removal of the
applicable contingency (C.A.R. Form CR), or (11) a cancellation (C.A.R. Form CC) of this Agreement based upon a contingency or Seller's
failure to Deliver the specified items. However, if any report, disclosure or information for which Seller is responsible is not Delivered within the
time specified in 14A, then Buyer has 5 (or ❑ ) Days After Delivery of any such items, or the time specified in 14B(1), whichever
is later, to Deliver to Seller a removal of the applicable contingency or cancellation of this Agreement.
(4) Continuation of Contingency: Even after the end of the time specified In 14B(1) and before Seller cancels this Agreement, if at all, pursuant
to 14C, Buyer retains the right to either (i) in writing remove remaining contingencies, or (0) cancel this Agreement based upon a remaining
contingency or Seller's failure to Deliver the specified terms. Once Buyer's written removal of all contingencies is Delivered to Seller, Seller
may not cancel this Agreement pursuant to 14C(1).
C. SELLER RIGHT TO CANCEL:
(1) Seller right to Cancel; Buyer Contingencies: If, within time specified in this Agreement, Buyer does not, in writing, Deliver to Seller a
removal of the applicable contingency or cancellation of this Agreement then Seller, after first Delivering to Buyer a Notice to Buyer to Perform
(C.A.R. Form NBP) may cancel this Agreement. In such event, Seller shall authorize return of Buyer's deposit.
(2) Seller right to Cancel; Buyer Contract Obligations: Seller, after first Delivering to Buyer a NBP may cancel this Agreement for any of the
following reasons: (1) if Buyer fails to deposit funds as required by 3A or 3B; (11) if the funds deposited pursuant to 3A or 3B are not good when
deposited; (III) if Buyer fails to Deliver a notice of FHA or VA costs or terms as required by 3C(3) (C.A.R. Form FVA); (iv) if Buyer fails to
Deliver a letter as required by 3H; (v) if Buyer falls to Deliver verification as required by 3G or 3J; (vi) if Seller reasonably disapproves of the
verification provided by 3G or 3.1; (vii) if Buyer fails to return Statutory and Lead Disclosures as required by paragraph 6A(2); or (viii) if Buyer
fails to sign or initial a separate liquidated damage form for an increased deposit as required by paragraphs 3B and 25. In such event, Seller
shall authorize return of Buyer's deposit.
(3) Notice To Buyer To Perform: The NBP shall: (i) be in writing; (ii) be signed by Seller; and (III) give Buyer at least 2 (or ❑ ) Days
After Delivery (or until the time specified in the applicable paragraph, whichever occurs last) to take the applicable action, may not be
Delivered 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 an obligation specked in 14C(2).
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 with regard to that contingency or cancellation right conclusively
be deemed to have: (i) completed all Buyer Investigations, and review of reports and other applicable information and disclosures; (II) elected to
proceed with the transaction; and (iii) assumed all liability, responsibility and expense for Repairs or corrections or for inability to obtain financing.
E. CLOSE OF ESCROW: Before Seller or Buyer may cancel this Agreement for failure of the other party to close escrow pursuant to this
Agreement, Seller or Buyer must first give the other a demand to close escrow (C.A.R. Form DCE).
F. EFFECT OF CANCELLATION ON DEPOSITS: If Buyer or Seller gives written notice of cancellation pursuant to rights duly exercised under the
terms of this Agreement, Buyer and Seller agree to Sign mutual instructions to cancel the sale and escrow and release deposits, if any, to the
party entitled to the funds, less fees and costs incurred by that party. 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 Buyer or Seller 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).
15. REPAIRS: Repairs shall be completed prior to final verification of condition unless otherwise agreed in writing. Repairs to be performed at Seller's
expense may be performed by Seller or through others, provided that the work complies 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; (ii) prepare a written statement indicating the Repairs performed by Seller and the date of such
Repairs; and (Ill) provide Copies of receipts and statements to Buyer prior to final verification of condition.
15. 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 9; (11)
Repairs have been completed as agreed; and (iii) Seller has complied with Seller's other obligations under this Agreement (C.A.R. Form VP).
17. 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 a current 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 a current lien but not yet due. 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 (11) for periods prior to Close Of
Escrow, by Seller (see C.A.R. Form SPT or SBSA for further information). TAX BILLS ISSUED AFTER CLOSE OF ESCROW SHALL BE HANDLED
DIRECTLY BETWEEN BUYER AND SELLER. Prorations shall be made based on a 30-day month.
Buyer's Initials ( ) ( ) Seller's Initials ( ) ( )
Copyright®1991-2010, CALIFORNIA ASISOCIATION OF REALTORS®, INC. 121
RPA-CA REVISED 4110 (PAGE 5 OF 8) Reviewed by Date aav
CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 5 OF 8) 54155 Avenida
J 1 6
77330 Ca11e Sonora
Property Address: Uinta, CA 92253 Date: November 8, 2010
18. SELECTION OF SERVICE; PROVIDERS: Brokers do not guarantee the performance of any vendors, service or product providers ("Providers"),
whether referred by Broker or selected by Buyer, Seller or other person. Buyer and Seller may select ANY Providers of their own choosing.
19. MULTIPLE LISTING SERVICE ("MLS"): Brokers are authorized to report to the MLS a pending sale and, upon Close Of Escrow, the sales price and
other terms of this transaction shall be provided to the MLS to be published and disseminated to persons and entities authorized to use the
information on terms approved by the MLS.
20. EQUAL HOUSING OPPORTUNITY: The Property is sold in compliance with federal, state and local anti -discrimination Laws.
21. 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, except as provided in paragraph 26A.
22. DEFINITIONS: As used in this Agreement:
A. "Acceptance" means the time the offer or final counter offer is accepted in writing by a party 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. "C.A.R. Form" means the specific form referenced or another comparable form agreed to by the parties.
C. "Close Of Escrow" means the date the grant deed, or other evidence of transfer of title, is recorded.
D. "Copy" means copy by any means including photocopy, NCR, facsimile and electronic.
E. "Days" means calendar days. However, After Acceptance, the last Day for performance of any act required by this Agreement (including Close
Of Escrow) shall not include any Saturday, Sunday, or legal holiday and shall instead be the next Day.
F. "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 11:59PM on the final day.
G. "Days Prlor" means the specked 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.
H. "Deliver", "Delivered" or "Delivery", regardless of the method used (i.e. messenger, mail, email, fax, other), means and shall be effective upon
(1) personal receipt by Buyer or Seller or the individual Real Estate Licensee for that principal as specified in paragraph D of the section titled Real
Estate Brokers on page 8; OR (11) if checked, O per the attached addendum (C.A.R. Form RDN).
I. "Electronic Copy" or "'Electronic Signature" 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 party to modify or alter the content or integrity of this Agreement without the
knowledge and consent of the other party.
J. "Law" 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. "Repairs" means any repairs (including pest control), alterations, replacements, modifications or retrofitting of the Property provided for under this
Agreement.
L. "Signed" means either a handwritten or electronic signature on an original document, Copy or any counterpart.
23. BROKER COMPENSATION: Seller or Buyer, or both, as applicable, agrees to pay compensation to Broker as specified in a separate written
agreement between Broker and that Seller or Buyer. Compensation is payable upon Close Of Escrow, or if escrow does not close, as otherwise
specified in the agreement between Broker and that Seller or Buyer.
24. 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, 3, 4, 6C, 11 B and D, 12, 13B, 14F, 17, 22, 23, 24, 28, 30, and paragraph D of the section titled Real Estate Brokers on page
8. If a Copy of the separate compensation agreement(s) provided for in paragraph 23, 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 of Buyer's or Seller's funds, or
both, as applicable, the., respective Broker's compensation provided for in such agreement(s). The terms and conditions of this Agreement not
specifically referenced above, 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 Holder's general provisions directly from Escrow Holder and will execute
such provisions upon Escrow Holder's 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
). Escrow Holder shall provide Seller's Statement of
Information to Title company when received from Seller. 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 party to the escrow for the sole purpose of compensation pursuant to paragraphs 23 and paragraph D of the section titled Real
Estate Brokers on page! 8. Buyer and Seller irrevocably assign to Brokers compensation specified in paragraphs 23, 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. Buyer and Seller shall release and hold harmless
Escrow Holder from any liability resulting from Escrow Holder's payment to Broker(s) of compensation pursuant to this Agreement. Escrow Holder
shall immediately notify, Brokers: (1) if Buyer's initial or any additional deposit Is not made pursuant to this Agreement, or is not good at time of
deposit with Escrow Holder; or (il) if either Buyer or 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.
Buyer's Initials ( ) ( ) Seller's Initials ( ) ( )
Copyright m 1991-2010, CALIFORNIA ASSOCIATION OF REALTORSO, INC. 121
RPA-CA REVISED 4110 (PAGE: 6 OF 8) Print Date Reviewed by Date Small
CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 6 OF 8) 54155 Avenida
77330 Ca11e Sonora
Property Address: La Ouinta, CA 92253 Date: November 8, 2010
25. LIQUIDATED DAMAGES: If Buyer fails to complete this purchase because of Buyers default, Seller shall retain, as
liquidated damages, the deposit actually paid. If the Property is a dwelling with no more than four units, one of which Buyer
intends to occupy, then the amount retained shall be no more than 3% of the purchase price. Any excess shall be returned
to Buyer. Release of funds will require mutual, Signed release instructions from both Buyer and Seller, judicial decision or
arbitration award. AT 'TIME OF THE INCREASED DEPOSIT BUYER AND SELLER SHALL SIGN A SEPARATE LIQUIDATED
DAMAGES PROVISION FOR ANY INCREASED DEPOSIT. (C.A.R. FORM RID).
Buyer's Initials / Seller's Initials /
26. DISPUTE RESOLUTION:
A. MEDIATION: Buyer and Seller agree to mediate any dispute or claim arising between them out of this Agreement, or any resulting transaction,
before resorting to arbitration or court action. Buyer and Seller also agree to mediate any disputes or claims with Broker(s), who, In writing,
agree to such mediation prior to, or within a reasonable time after, the dispute or claim is presented to the Broker. Mediation fees, if any,
shall be divided equally among the parties involved. If, for any dispute or claim to which this paragraph applies, any parry (1) commences an action
without first attempting to resolve the matter through mediation, or (ii) before commencement of an action, refuses to mediate after a request has
been made, then that party shall not be entitled to recover attorney fees, even if they would otherwise be available to that party in any such action.
THIS MEDIATION PROVISION APPLIES WHETHER OR NOT THE ARBITRATION PROVISION IS INITIALED. Exclusions from this mediation
agreement are specified in paragraph 26C.
B. ARBITRATION OF DISPUTES:
Buyer and Seller agree that any dispute or claim in Law or equity arising between them out of this Agreement or any
resulting transaction, which is not settled through mediation, shall be decided by neutral, binding arbitration. Buyer and
Seller also agree to arbitrate any disputes or claims with Broker(s), who, in writing, agree to such arbitration prior to, or
within a reasonable time after, the dispute or claim is presented to the Broker. The arbitrator shall be a retired judge or
justice, or an attorney with at least 5 years of residential real estate Law experience, unless the parties mutually agree to
a different arbitrator. The parties shall have the right to discovery in accordance with Code of Civil Procedure §1283.05.
In all other respects, the arbitration shall be conducted in accordance with Title 9 of Part 3 of the Code of Civil
Procedure. Judgment upon the award of the arbitrator(s) may be entered into any court having jurisdiction. Enforcement
of this agreement to arbitrate shall be governed by the Federal Arbitration Act. Exclusions from this arbitration
agreement are specified in paragraph 26C.
"NOTICE: BY INITIALING IN THE SPACE BELOW YOU ARE AGREEING TO HAVE ANY DISPUTE ARISING OUT
OF THE MATTERS INCLUDED IN THE 'ARBITRATION OF DISPUTES' PROVISION DECIDED BY NEUTRAL ARBITRATION
AS PROVIDED BY CALIFORNIA LAW AND YOU ARE GIVING UP ANY RIGHTS YOU MIGHT POSSESS TO HAVE THE
DISPUTE LITIGATED IN A COURT OR JURY TRIAL. BY INITIALING IN THE SPACE BELOW YOU ARE GIVING UP YOUR
JUDICIAL RIGHTS TO DISCOVERY AND APPEAL, UNLESS THOSE RIGHTS ARE SPECIFICALLY INCLUDED IN THE
'ARBITRATION OF DISPUTES' PROVISION. IF YOU REFUSE TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS
PROVISION, YOU MAY BE COMPELLED TO ARBITRATE UNDER THE AUTHORITY OF THE CALIFORNIA CODE OF CIVIL
PROCEDURE. YOUR AGREEMENT TO THIS ARBITRATION PROVISION IS VOLUNTARY."
"WE HAVE READ AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT DISPUTES ARISING OUT
OF THE MATTERS INCLUDED IN THE 'ARBITRATION OF DISPUTES' PROVISION TO NEUTRAL ARBITRATION."
Buyer's initials / Seller's Initials /
C. ADDITIONAL MEDIATION AND ARBITRATION TERMS:
(1) EXCLUSIONS: The following matters shall be excluded from mediation and arbitration: (1) a judicial or non -judicial foreclosure or
other action or proceeding to enforce a deed of trust, mortgage or installment land sale contract as defined in Civil Code §2985; (ii)
an unlawful detainer action; (iii) the filing or enforcement of a mechanic's lien; and (iv) any matter that is within the jurisdiction of a
probate, small claims or bankruptcy court. The filing of a court action to enable the recording of a notice of pending action, for
order of attachment, receivership, injunction, or other provisional remedies, shall not constitute a waiver or violation of the
mediation and arbitration provisions.
(2) BROKERS: Brokers shall not be obligated or compelled to mediate or arbitrate unless they agree to do so in writing. Any Broker(s)
participating in mediation or arbitration shall not be deemed a party to the Agreement
27. TERMS AND CONDITIONS OF OFFER:
This is an offer to purchase the Property on the above terms and conditions. The liquidated damages paragraph or the arbitration of disputes
paragraph is incorporated in this Agreement if initialed by all parties or if incorporated by mutual agreement in a counter offer or addendum. If at least
one but not all parties initial such paragraph(s), a counter offer is required until agreement is reached. 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. 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.
28. 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. Except as otherwise specified, this Agreement shall be
interpreted and disputes shall be resolved in accordance with the laws of the State of California. Neither this Agreement nor any provision in it
may be extended, amended, modified, altered or changed, except in writing Signed by Buyer and Seller.
Buyer's Initials ( ) ( ) Seller's Initials ( ) ( )
Copyright 01991-2010, CALIFORNIA ASSOCIATION OF REALTORS®, INC. Reviewed by Date
RPA-CA REVISED 4110 (PAGE 7 OF 8) W
CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 7 OF 8) 54155 Avenida
rye
77330 Calle Sonora
Property Address: La Quinta, CA 92253 Date: November 8, 2010
29. EXPIRATION OF OFFER: This offer shall be deemed revoked and the deposit shall be returned unless the offer is Signed by Seller and a Copy of the
Signed offer is personally received by Buyer, or by , who is
authorized to receive it, by 5:00 PM on the third 158Y WeAr t s o r is sign y Buyer or, c esd, j'j by
O AM[] PM on ( ate)).
Buyer has read and acknowledges receipt of a Copy of the offer and agrees to the above confirmation of agency relationships.
Date Date
BUYER BUYER
taagg_
(Print name (Print name)
P.O. Box 1504. La Ouinta_CA 92256
(Address)
❑ Additional Signature Addendum attached (C.A.R. Form ASA).
30. ACCEPTANCE OF OFFER: Seller 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. 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 (C.A.R. Form CO) DATED:
Date Date
SELLER SELLER
C Som>9 Loans Servicing. LP
(Print name) (Print name)
(Address)
❑ Additional Signature Addendum attached (C.A.R. Form ASA).
( ) CONFIRMATION OF ACCEPTANCE: A Copy of Signed Acceptance was personally received by Buyer or Buyers authorized
(Initials) agent On (date) at AM 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 Confinnation of Accentanee hac or_enrrari_
REAL ESTATE BROKERS:
A. Real Estate Brokers are not parties to the Agreement between Buyer and Seller.
B. Agency relationships are confirmed as stated in paragraph 2.
C. If specified in paragraph 3A(2), Agent who submitted the 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 Brokers proceeds in escrow: (1) 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 (0) (if checked) the amount specified in a separate written agreement (C.A.R. Forth
CBC) between Listing Broker and Cooperating Broker. Declaration of License and Tax (C.A.R. Form DLT) may be used to document that tax reporting
will be required or that an exemption exits.
Real Estate Broker (Selling Firm) La Ouinta Palms aeAlty DIRE Lic. #D0915271
BY DIRE Lic. #SAM Date 09/03/2010
Address 51001 Zia OW Dr. City La Ouinta State CA Zip 92253
Telephone f760156 -91 4 ax I760e564-03g4 E-ma lamsintacalm- - rr.eon
Real Estate Broker (Listing Firm) Za Ouinta Palms Realty DIRE Lic. # 00915271
BY J9-*++ce CathcartELic. SAE Date
Address 51001 Eisenhoxer Dr. City La. oulata State CA Zip 92253
Telephone (760/ 55640
64-4104 Fax 760344 -ma +r*�aalmsl9ric. rr. cc=
ESCROW HOLDER ACKNOWLEDGMENT:
Escrow Holder acknowledges receipt of a Copy of this Agreement, (if checked,[] a deposit in the amount of $ ),
counter offer numbered [] Sellers Statement of Information and j] Other
, and agrees to act as Escrow Holder subject to paragraph 24 of this Agreement, any
supplemental escrow instructions and the terms of Escrow Holders general provisions if any.
Escrow Holder is advised that the date of Confirmation of Acceptance of the Agreement as between Buyer and Seller is
Escrow Holder Escrow #
BY Date
Address
Phone/Fax]E-mall
Escrow Holder is licensed by the California Department of orporations, Insurance, 0 Real Estate. License #
PRESENTATION OF OFFER: ( ) Listing Broker presented this offer to Seller on (date).
Broker or Designee Initials
REJECTION OF OFFER: (__ ) ( ) No counter offer is being made. This offer was rejected by Seller on (date).
Seller's Initials
erns rOnm rws netN ArrnOvtu BY IHt: UALIFORNIA ASSOCIATION OF REALTORS® (C.A.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 form is available for use the entire real estate industry. It is not intended to identify the user as a REALTOR& REALTORO is a registered collective membership mark which may be used only by
members of the NATIONAL ASSOCIATION OF REALTORSO who subscribe to its Code of Ethics.
Published and Distributed by:
a REAL ESTATE BUSINESS SERVICES, INC. Reviewed by
a subsidiary ofthe California A nodellon of REALTORSO
• 525 South Virgil Avenue, Los Angeles, California 90020 Broker or Designee Date a r"uatry
REVISION DATE 4/10
CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 8 OF 8) 54155 Avenida
M.e J 1 N
L CALIF OANIA
ASSOCIATION BUYER'S INSPECTION ADVISORY
OF IkEALTOKS®
(C.A.R. Form BIA-A, Revised 10/02)
Property Address: 77330 C:alle Sonora, La Qatnta CA 92253 ("Property")
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 and with
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 pest 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, architects, 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 soil, 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 (Title 17 U.S. Code) forbid the
unauthorized reproduction of this form, or any portion thereof, by photocopy Buyer's Initials ( ) ( )
machine or any other means, including facsimile or computerized formats. Seller's Initials ( ) ( )
Copyright ® 1991-2004, CALIFORNIA ASSOCIATION OF REALTORSS, 121
INC. ALL RIGHTS RESERVED. Reviewed by Date
BIA-A REVISED 10/02 (PAGE 1 OF 2)
BUYER'S INSPECTION ADVISORY (BIA-A PAGE 1 OF 2)
Agent: Bruce Cathcart Phone: 760.564.4104 Fax: 760.564.0344 Prepared using zipFonn® software
Broker: La Quints Palms Real Estate Co 51-001 Eisenhower Drive La Quints , CA 92253
i
Property Address: 77330 Calls Sonora, La 9 inta CA 92253 Date: xovambar 8. 2010
S. ROOF: Present condition, age, leaks, and remaining useful life. (Roofing contractors are best suited to determine these conditions.)
6. POOUSPA: 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.
8. 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 Home" 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.)
13. 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. Deadbolt 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 of Buyer.
Buyer and Seller acknowledge and agree that Broker: (i) Does not decide what price Buyer should pay or Seller should accept; (ii) Does not
guarantee the condition of the Property; (Ili) 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; (v) Shall not be responsible for identifying defects on the Property, in common areas, or offsite unless such defects are visually observable
by an inspection of reasonably accessible areas of the Property or are known to Broker; (vi) 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 items affecting title;
(vili) Shall not be responsible for verifying square footage, representations of others or information contained in Investigation reports, Multiple Listing
Service, advertisements, flyers 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 Seller; and (x) Shall not be responsible for providing 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 Buyer Signature Date
See attached signature page
Seller Signature Date Seller Signature Date
BAC Home Loans Servicing, LP
THIS FORM HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORSS (C.A.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 form is avallable for use by the entire real estate industry. It is not intended to Identify the user as a REALTORS. REALTORS is a registered collective membership mark
which may be used only by members of the NATIONAL ASSOCIATION OF REALTORSO who subscribe to its Code of Ethics.
U
Published and Distributed by:
REAL ESTATE BUSINESS SERVICES, INC.
a vAsldiaryof the Cal%mieAssocislion ofREALTORSO
• 525 South Vool Avenue, Los Angeles, Calibmia 90020
RIA-A REVISED 10102 (PAGE 2 OF 21
Reviewed by Date W
BUYER'S INSPECTION ADVISORY (BIA-A PAGE 2 OF 2)
54155 Avenida
Property Address: 11330 CA GCE So ao" 4.4 Q Urrt f4' ('41 ,722S3
IN WITNESS WHEREOF, Buyer and Seller each hereby represents that it has read this
Agreement, understands it, and hereby executes this Agreement to be effective as of the day and
year first written above.
SELLER:
ATTEST:
Agency Secretary
APPROVED AS TO FORM:
Agency Counsel
BUYER:
LA QUINTA REDEVELOPMENT AGENCY,
a public body, corporate and politic
In
Thomas P. Genovese, Executive Director
[end of signatures]
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