Stamko/Purchase & Sale Agree Ave 48 & Adams 95AGREEMENT FOR
PURCHASE AND SALE OF REAL PROPERTY
ADAMS STREET AND 48TH AVENUE
CITY OF LA QUINTA, CALIFORNIA
BY AND BETWEEN
STAMKO DEVELOPMENT CO., A LIMITED PARTNERSHIP,
SELLER
AND
LA QUINTA REDEVELOPMENT AGENCY,
AGENCY
TABLE OF CONTENTS
1.
Purchase and Sale.......................................................................................................
1
2.
Purchase Price and Additional Conditions...................................................................
2
3.
Payment of Purchase Price..........................................................................................
3
4.
Escrow........................................................................................................................3
5.
Close of Escrow..........................................................................................................
4
6.
Testing........................................................................................................................
4
7.
License.......................................................................................................................
6
8.
Costs and Prorations...................................................................................................
7
9.
Condition of Title........................................................................................................
9
10.
Agency's Conditions Precedent to Closing................................................................
10
11.
Seller's Conditions Precedent to Closing...................................................................
11
12.
Warranties and Representations of Seller...................................................................
11
13.
Documents to be Delivered Prior to Close of Escrow ................................................
12
14.
Escrow Holder's Instructions.....................................................................................
13
15.
Title Insurance Policy................................................................................................
13
16.
Broker's Commission................................................................................................
13
17.
Waiver, Consent, and Remedies................................................................................
13
18.
Certain Limitations....................................................................................................
14
19.
Attorneys' Fees..........................................................................................................
14
20.
Notices.....................................................................................................................14
21.
Gender and Number.................................................................................................
15
15
22,
Entire Agreement......................................................................................................
15
23.
Captions...................................................................................................................
24.
Governing Law.........................................................................................................
15
25.
Invalidity of Provision...............................................................................................
16
26.
Amendments..........................................................................................................16
...
27.
Counterparts.............................................................................................................16
28.
General Provisions Applicable to Escrow Holder .......................................................
16
16
29.
Non-Discrimination..................................................................................................
30.
Written Notices.........................................................................................................
16
31.
Exhibits.....................................................................................................................16
32.
Cooperation on Termination.....................................................................................
17
PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS
TO: Pacific Coast Escrow Corp.
("Escrow Holder")
74-920 Highway 111
Indian Wells, CA 92210
(619) 568-0344
Escrow No. ("Escrow")
Escrow Officer: Cindy Burgin
Date of Opening
of Escrow:
Title Order #580911330
THIS PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS ("Agreement") is made
this day of , 1995, by and among STAMKO DEVELOPMENT CO, A
LIMITED PARTNERSHIP ("Seller") and the LA QUINTA REDEVELOPMENT AGENCY, a public
body corporate and politic ("Agency"), or its nominee. The "Effective Date" of this Agreement shall
be the latest date on which the last of Seller or Agency has executed this Agreement.
RECITALS
A. Seller is the owner of certain real property located at the northeast intersection of
Adams Street and 48th Avenue in the City of La Quinta, County of Riverside, State of California
("Real Property") as more particularly described on the attached Exhibit "A". Seller proposes to sell
to Agency a portion of the Real Property (referred to in this Agreement as the "Property") which has
48th Avenue as its southern boundary; Adams Street as its western boundary; and the eastern
boundary of the Real Property as its eastern boundary. The general location of the Property is set
out on the map attached as Exhibit "B".
B. Agency has set aside certain funds required by Health and Safety Code Section
33334.2 for purposes of increasing, improving, and preserving low and moderate income housing
available at affordable housing cost, and in carrying out its housing activities the Agency is
authorized to acquire and improve land or building sites with onsite or offsite improvements, to
develop affordable housing, and to provide subsidies to or for the benefit of low and moderate
income persons.
C. Seller desires to sell the Property subject to the terms and provisions contained
herein and Agency desires to purchase the Property with funds from its Low and Moderate Income
Housing Fund for purposes of developing low and moderate income housing consistent with the
requirements of Section 33334.2 of the Health and Safety Code.
NOW, THEREFORE, in consideration of the foregoing recitals, the covenants and
conditions contained herein, and in the other documents referred to herein relating to the purchase
and sale of the Property and other valuable consideration, the receipt of which are hereby
acknowledged, Agency and Seller agree:
1. Purchase and Sale. Upon all the terms and conditions contained herein, Agency
hereby agrees to purchase the Property from Seller and Seller agrees to sell the Property to Agency.
laquintaAstamag2 1 06/30/95
2. Purchase Price and Additional Conditions. The purchase price (the "Purchase
Price") and terms of the purchase by Agency for the Property shall be One Million Nine Hundred
Thousand Dollars ($1,900,000). Agency shall provide public infrastructure ("Infrastructure")
designed to specifically service the Agency's intended use of the Property, on and adjacent to the
Property (i) along 48th Street (from the southwest corner of the Property to the southeast corner of
the Property), and (ii) along Adams Street (from the southwest corner of the Property to the northern
boundary of the Property). The Infrastructure shall include, but shall not be limited to, the
following: streets, curbs, gutters, sidewalks, and all utilities. Except as required below,
construction of the Infrastructure shall be commenced (and diligently prosecuted to completion) on
the issuance of a rough grading permit for the Property, or any part thereof. The Infrastructure shall
not include public infrastructure necessary solely for the development of the Real Property, or any
part thereof, remaining after transfer of the Property to the Agency ("Remainder Parcel").
Infrastructure for utilities which may be reasonably utilized to service the Remainder Parcel by
simply increasing design and size capacity shall be so designed and sized so long as the Seller or
the current owner of the Remainder Parcel shall reimburse the Agency the cost of increasing the
capacity of any applicable Infrastructure. Subject to Seller's or any other owner's obligation to pay
the proportional share of the costs to increase the capacity of the utility portion of the Infrastructure
so that such utilities shall have the capability to service the Remainder Parcel for the use then
specified by the owner of the Remainder Parcel, the Infrastructure shall be provided at no cost to
Seller or any other owner of the Remainder Parcel or any part thereof. If the Remainder Parcel, or
any part thereof, is developed prior to the Property, and the City or any governmental agency shall
require construction of all or any part of the Infrastructure as a condition for development on the
Remainder Parcel, then Seller or any other owner of the Remainder Parcel shall construct the
Infrastructure, or that portion required as a condition for development of the Remainder Parcel then
Agency or any successor shall reimburse Seller or any other owner of the Remainder Parcel for
Agency's proportional share of the Infrastructure costs. If construction of the Infrastructure, or part
thereof, is required as a condition to the development of the Remainder Parcel, then the owner of
the Property shall have the right to review and approve all designs, construction, drawings, bids,
construction contracts, and all other matters dealing with the Infrastructure or portion thereof being
constructed. During the design and construction process, the owner of the Remainder Parcel shall
consult regularly with the owner of the property and provide such owner with the opportunity to
attend all meetings (giving the owner at least forty-eight (48) hours notice, or less if the meeting is
schedule with less notice) and review all documents dealing with the Infrastructure being
constructed. At least ten (10) business days prior to the finalization of any document referred to
above dealing with the Infrastructure being constructed, such document shall be submitted to the
owner of the Property for its approval. The owner of the Property and the owner of the Remainder
Parcel shall cooperate in the design and construction of the Infrastructure required to be
constructed. Maintenance of any portion of the Infrastructure constructed as a condition to the
approval of development of the Remainder Parcel shall not be the obligation of the Remainder
Parcel and any required maintenance obligations shall be borne by the Agency or successor. The
owner of the Remainder Parcel shall be reimbursed for the costs of the Infrastructure on a
percentage completion basis. Prior to the commencement of construction of the Infrastructure
being constructed, the owner of the Property and owner of the Remainder Parcel shall agree upon
what constitutes 25% increments ("Increment") of the cost of completion of the Infrastructure being
constructed. Upon completion of each Increment, the owner of the remainder Parcel shall deliver
to the owner of the Property a certification that the Increment is complete and a detailed
accounting of the costs of construction of the Increment. The owner of the Property shall have
fifteen (15) business days in which to review the submission and then shall reimburse the owner of
the Property for the cost of construction of the Increment. The cost of construction of the
taquintaAstamag2 2 06/30/95
Infrastructure, or part thereof, shall not include any amounts required to increase the capacity of
the utility portion of the Infrastructure so that such utilities shall have the capability to service the
Remainder Parcel for the use then specified by the owner of the Remainder Parcel. Agency shall
cooperate with the owner of the Remainder Parcel in locating and sizing utilities that may serve
both the Property and the Remainder Parcel. The owner of the Remainder Parcel shall have the
right to review and approve all designs, construction drawings, bids, construction contracts, and all
other matters dealing with the oversizing of the utility portion of the Infrastructure. During the
design process of the oversizing, the owner of the Property or portion thereof ("Constructing
Owner") shall consult regularly with the owner of the Remainder Parcel and provide such owner
with the opportunity to attend all meetings (giving the owner at least 48 hours notice, or less if the
meeting is scheduled with less notice) and review all documents dealing with the oversizing. At
least ten (10) business days prior to the finalization of any document referred to above dealing with
oversizing, such document shall be submitted to the owner of the Remainder Parcel for its
I approval. The obligations of Agency and Seller specified in this Section shall survive the Close of
Escrow and the conveyance of the Property, or any portion thereof, to any person or entity other
than Agency. At any time, including following the Close of Escrow, at the request of Seller or
Agency, Seller or Agency shall execute and acknowledge a document memorializing these
obligations and deliver such document to Seller or Agency for recordation in the office of the
County Recorder of Riverside County. The obligations specified in this Section may be enforced by
either party or their successors in interest, in the Property and the Remainder Parcel.
Notwithstanding any part of this Section, the Infrastructure shall not include any improvement to or
on the Property, Adams Street, or 48th Street that would not be required but for the development of
the Remainder Parcel for whatever use will be designated by the owner of the Remainder Parcel.
3. Payment of Purchase Price. The entire Purchase Price shall be payable in cash or
immediately available funds by the Agency at Close of Escrow.
4. Escrow. References in this Agreement to the "Opening of Escrow" shall mean the
date a copy of this Agreement signed by all parties is deposited with Escrow Holder. The Opening
of Escrow shall occur within ten (10) business days of the Effective Date of this Agreement
("Opening Deadline"). Escrow Holder will notify all parties when Escrow has opened. If Escrow is
not opened by the Opening Deadline, this Agreement shall terminate at the election of any party
by delivery of written notice to the other parties and Escrow Holder within five (5) business days of
the Opening Deadline.
By such deposit, Escrow Holder is hereby authorized and instructed to act in
accordance with the provisions of this Agreement. Agency and Seller shall each deposit such other
instruments as are reasonably necessary to close Escrow and complete the sale and purchase of the
Property in accordance with the terms of this Agreement.
The parties shall execute the standard escrow instructions of Escrow Holder. This
Agreement will supersede the standard escrow instructions of Escrow Holder executed by Agency
and Seller in the event of any conflict between the standard escrow instructions of Escrow Holder
and this Agreement.
Except as otherwise provided in this Agreement, each party shall pay 50% of the
costs and fees of Escrow Holder; provided, however, that any party requesting a special service
such as courier and overnight delivery service, shall pay for such service.
( �Z
laquinta\s1ama92 3 06/30/95
5. Close of Escrow. Subject to the Agency securing bond proceeds referred to in
Section 10(g), Escrow shall close on the date hereafter specified by Agency and Seller but in no
event later than September 15, 1995, unless extended by mutual written agreement of the parties.
In the event this Escrow is not in a condition to close by September 15, 1995, any party not then in
default (which default is the cause of the failure to close Escrow) hereunder may elect to terminate
this Agreement and the Escrow by giving written notice of such termination to the other parties and
to the Escrow Holder. No such termination shall release any party then in default from liability for
such default, including without limitation, the costs of Escrow. If no party so elects to terminate
this Agreement and the Escrow, Escrow Holder shall close the Escrow as soon as possible.
If Escrow should fail to close for any reason other than as a result of a default, the
costs of Escrow and of terminating the Escrow shall be paid one-half by Seller and one-half by
Agency. Notwithstanding the above, should the Escrow terminate due to a defaulting party, such
party shall pay for all Escrow fees.
For purposes of this Agreement, the "Close of Escrow" shall mean the date Seller's
Grant Deed, as defined herein, is filed for recordation with the Recorder of Riverside County,
California.
6. Testing.
a. Seller does not have in its possession any tests, reports, or studies regarding
the physical condition of the Property.
b. Pursuant to the License, Agency has the right to conduct such tests on the
Property as it may deem desirable.
C. Seller shall retain Mainiero Smith and Associates ("MSA") to perform a
Phase I Analysis ("Analysis") of the Property. Agency is familiar with the scope of the Analysis and
accepts the Analysis proposed. The written report prepared by MSA will be provided to Agency by
Seller within twenty (20) business days following the Effective Date. In this Agreement the term
"Analysis" means the Analysis prepared by MSA.
d. In the event that the Analysis indicates "Hazardous Materials
Contamination" (defined below) but does not recommend a Phase II Analysis ("Phase II") but rather
recommends the remediation of the Hazardous Materials Contamination based on the Analysis,
then the provisions of subsection (h) shall govern.
e. In the event the Analysis indicates the presence of any Hazardous Materials
Contamination and the MSA report recommends a Phase II then:
(i) If the cost of the Phase 11 is $20,000 or less, then Seller shall cause
the performance of the Phase II.
00 If the cost of the Phase II is more than $20,000, then Seller has the
option, in its discretion, to cause the performance of the Phase II or to terminate this Agreement.
f. A copy of the Phase II report and all other reports prepared by any
consultant regarding Hazardous Materials shall be promptly provided to Agency. ✓'�
�YV
laqu inta\stamag2 4 06/30/95 1
g. In the event that following the Phase II, MSA's report recommends further
study, then Seller has the option, in its discretion, to cause the performance of further study or to
terminate this Agreement.
h. If MSA's report following the Phase II recommends remediation of the
Hazardous Materials Contamination, MSA, or other environmental firm agreed upon by Seller and
Agency, shall be requested to provide an estimate for the full remediation of the Hazardous
Materials Contamination in compliance with "Governmental Requirements" (defined below).
Upon receipt of the estimate from MSA (or other entity), then:
(i) If the cost of the remediation is estimated to be less than $100,000
(including all consultant and inspection costs and continuing monitoring costs) and will require less
than six (6) months from the Effective Date to complete (excluding any recommended ongoing
monitoring), then Seller shall perform the remediation.
(i0 If the cost of the remediation is estimated to be $100,000 or more,
(including all consultant and inspection costs and continuing monitoring costs), or will require six
(6) months or more from the Effective Date to complete, then Seller shall have the option to
perform the remediation or terminate this Agreement. Agency shall also have the right to terminate
this Agreement.
i. Agency shall review promptly all reports issued by MSA or other entity.
Within ten (10) business days following receipt of any report, including the estimate of MSA or
other entity regarding the costs of remediation, Agency shall notify Seller whether or not Agency
agrees with the contents of the report. Seller, Agency, and MSA (or other entity) shall attempt to
resolve any differences regarding the contents of the report. If the parties are unable to reach
agreement after good faith efforts to do so (but not more than thirty (30) business days following the
issuance of any report), then either Agency or Seller has the right to terminate this Agreement.
j. All remediation of the Hazardous Materials Contamination shall be
accomplished in accordance with a "Plan" that is developed by MSA (or other entity selected by
the parties) and Seller, and reasonably approved by Agency. The Plan shall set out all measures,
inspections, tests, dispositions, and the like regarding remediation of the Hazardous Materials
Contamination. The Plan shall cause all remediation to comply with Governmental Requirements
both for the remediation process and for the state of the Property following remediation.
k. If Seller undertakes or is required to perform remediation of the Hazardous
Materials Contamination under this Agreement then such remediation shall be accomplished
expeditiously and in accordance with the Plan. The Close of Escrow shall not occur until such
remediation is completed unless the parties agree otherwise.
I. In the event that the costs of remediation are estimated to be less than
$100,000 and require less than six (6) months from the Effective Date and following the
commencement of remediation, the parties ascertain that the costs will exceed $100,000 or require
more than six (6) months from the Effective Date, then Seller or Agency shall have the option to
terminate this Agreement or to continue with the remediation of the Hazardous Materials
Contamination; provided, however, that if Seller has paid or accrued at least $50,000 in
remediation expenses when it is ascertained that more than $100,000 or longer than six (6) months
laquinta\stamag2 5 06/30/95
will be required for the remediation, then Seller and Agency will have the right to terminate this
Agreement only if the costs of remediation are estimated to exceed $150,000 and to require more
than ten (10) months from the Effective Date.
M. If either party terminates the Escrow as provided in this Section 6, then the
parties shall bear the Escrow Holder's charges as provided in the last paragraph of Section 4,
above.
n. Seller agrees to indemnify, defend and save the City of La Quinta and
Agency and their officers, employees, agents, and representatives harmless from and against all
damages, actions, causes of action, claims, judgments, costs of complying with Governmental
Requirements, costs of litigation, and attorneys' fees which may in any way arise out of or result
from (i) the use, introduction, release, generation, storage, or disposal of Hazardous Materials or
Hazardous Materials Contamination on the Property occurring prior to the Close of Escrow, or (ii)
any act or omission on the part of Seller or its agents, contractors, employees, representatives, or
other authorized person in performing remediation of any Hazardous Materials Contamination on
the Property prior to the Close of Escrow; or (iii) any claims for damages arising from events
occurring prior to the Close of Escrow.
o. The term "Hazardous Materials" shall mean (i) any "hazardous substance" as
defined by the Comprehensive Environmental Response, Compensation and Liability Act of 1980
(42 U.S.C. Section 9601 et seq.), as amended from time to time, and regulations promulgated
thereunder; (ii) any "hazardous substance" as defined by the Carpenter -Presley -Tanner Hazardous
Substance Account Act (California Health and Safety Code Sections 25300 et seq.), as amended
from time to time, and regulations promulgated thereunder; (iii) asbestos; (iv) polychlorinated
biphenyl's; (v) petroleum, oil, gasoline (refined and unrefined) and their respective by-products and
constituents; and (vi) any other substance, whether in the form of a solid, liquid, gas or any other
form whatsoever, which by any "Governmental Requirements" (as defined below) either requires
special handling in its use, transportation, generation, collection, storage, handling, treatment or
disposal, or is defined as "hazardous" or harmful to the environment.
P. The term "Hazardous Materials Contamination" shall mean the
contamination (whether presently existing or hereafter occurring) of the improvements, facilities,
soil, groundwater, air or other elements on, in or of the Property by Hazardous Materials, or the
contamination of the buildings, facilities, soil, groundwater, air or other elements on, in or of any
other property as a result of Hazardous Materials at any time (whether before or after the date of
this Agreement) emanating from the Property.
q. The term "Governmental Requirements" shall mean all laws, ordinances,
statutes, codes, rules, regulations, orders and decrees of the United States, the State of California,
the County of Riverside, the City of La Quinta, or any other political subdivision in which the
Property is located, and of any other political subdivision, agency or instrumentality exercising
jurisdiction over the Agency, the Seller, or the Property.
7. License.
(a) Seller hereby grants to the "Authorized Persons" (defined below) a
nonexclusive right and license ("License") to enter the Property, or any portion thereof, for the
purposes of conducting surveys, soil tests, environmental assessments, and other tests and
investigations, for discharging any and all of its rights or obligations under this Agreement and
laquinta\stamag2 6 06/30/95
conducting such investigations as Agency deems necessary in connection with this Agreement.
Agency shall exercise its rights under the License upon two (2) business days written notice to
Seller.
(b) The "License Term" commences on the Effective Date and terminates on the
earlier of the occurrence of the Close of Escrow or other termination of this Agreement.
(c) Without the Seller's prior written consent, Agency will not make any
alterations, improvements, additions, or installations in or about the Property during the License
Term.
(d) Agency will not take any action, or permit any action to be taken, which
would result in any damage or destruction to the Property or injury to any person or property upon
the Property. If the Close of Escrow does not occur, Agency will restore the Property to the
condition it was prior to the conduct of the tests and investigations of Agency.
(e) Agency will not cause or permit any liens or other exceptions to title to be
placed on the Property prior to the Close of Escrow except for exceptions that are approved by
Seller.
(0 "Authorized Persons": The Agency and the City of La Quinta, affiliates, if
any, and the officers, directors, employees, designees, representatives, agents, licensees,
contractors, guests, invitees, or any of them, and any and all other persons or entities authorized by
Agency.
(g) Agency will defend, indemnify and hold Seller, and the partners and
affiliates of Seller, and the officer, directors, employees, representatives, licensees, designees,
agents, contractors, guests, and invitees of any of them ("Seller's Indemnified Persons"), harmless
from, against, and in respect of any and all losses, claims, damages, liabilities, deficiencies, and
expenses (including reasonable accounting fees and legal fees, court costs and reasonable expenses
incurred in investigating any threatened action or in enforcing rights under this Section asserted
against or suffered by any of the Seller's Indemnified Persons, together with interest on cash
disbursements in connection therewith at the maximum rate permissible by law per annum from
the date that such cash disbursement is made by any of them and until paid by Agency in
connection with or resulting from an act or omission of any Authorized Person on or with respect
to the Property prior to the Closing Date (including, but not limited to, the use, introduction,
release, generation, storage, transport to or from, or disposal of Hazardous Materials on the
Property or Hazardous Materials Contamination of the Property, including remediation costs)); or if
the Close of Escrow does not occur, if any Authorized Person permits or causes any lien to be
placed on the Property.
8. Costs and Prorations.
a. Prorations. Escrow Holder shall prorate real property taxes affecting the
Property between Seller and Agency as of the Close of Escrow based upon the latest available tax
bill. The parties agree that if such prorations are inaccurate due to the fact that the latest available
tax bill does not represent the taxes actually assessed, the parties will, as soon as tax bills actually
covering the period during which the Close of Escrow takes place are available, make such further
adjustments outside of Escrow as may be appropriate.
kquinta\stamagl 7 06/30/95
b. Costs to be Paid by Seller. Seller shall pay the following costs:
(i) One-half of Escrow Holder's fee.
(ii) The cost of any documentary transfer taxes on the Grant Deed.
(iii) The cost of a premium for a California Land Title Association (CLTA)
standard policy of title insurance insuring the Property in the amount of the Purchase Price,
together with any endorsements to such policy reasonably requested by the Agency, which are
agreed to by Seller.
(iv) Fees for recording the Grant Deed.
(v) The cost to provide a Phase I Site Investigation by MSA.
(vi) The cost to secure an American Land Title Association ("ALTA")
Land Survey and legal description of the Property.
(vii) The cost to separate the Property and create a new legal parcel or
parcels based upon the legal description.
(viii) The cost of Seller securing an ALTA Land Survey of the Property
which depicts all recorded and unrecorded easements, improvements on the Property, legal
description, Property size, and all other information required for an ALTA Policy of Title Insurance.
C. Costs to be Paid by Agency. Agency shall pay the following costs upon
Close of Escrow:
(i) Fees for recording and filing all documents required by this
Agreement other than the Grant Deed.
(ii) One-half of the Escrow Holder's fee.
(iii) The cost of a premium for an ALTA Policy of Title Insurance insuring
the Property in the amount of the Purchase Price including endorsements to such policy reasonably
requested by the Agency provided that such ALTA costs shall not exceed $550 through Chicago
Title Insurance Company (the "Title Company").
(iv) Reimburse to Seller the amount of $1,400 for the Agency's
contribution towards one-half of the cost of the MSA Phase I Report to be commissioned by Seller.
(v) Reimburse the Seller $1,000 for the Agency's contribution towards
the Seller's cost of creating a new legally acknowledged parcel or parcels of the Property.
(vi.) Reimburse the Seller up to $5,200 for the cost of the ALTA Land
Survey.
(vii) Should the Agency terminate or default on this Agreement, Agency
shall reimburse Seller the amount of $1,000 for the ALTA Land Survey.
laquintaAstamag2 8 06/30/95
9. Condition of Title
a. Attached as Exhibit "C" is a preliminary title report ("Title Report") for the
Property issued by the Title Company. Seller has delivered to Agency complete copies of all
documents reflected and/or referenced in the Title Report and Agency acknowledges receiving
such documents.
b. Attached as Exhibit "D" is a list of the exceptions (referenced by number to
the Title Report) which Seller has agreed to remove from title to the Property ("Agreed Items").
Seller shall not have the obligation to remove from title the following (which are referred to as
"Current Liens"):
Nondelinquent real property taxes.
ii. Nondelinquent bonds or assessment payments.
iii. Bonds and assessments.
iv. Encumbrances or liens or title exceptions which were placed on the
Property at the request of the City of La Quinta.
C. Agency shall have fifteen (15) business days ("Title Approval Period") from
the Effective Date in which to review the Title Report and supporting documentation. On or before
the last day of the Title Approval Period, Agency shall notify Seller in writing of those title
exceptions of which Agency disapproves (other than the Current Liens which will not be removed
and Agreed Items which will be removed). If Agency fails to notify Seller of any items which it
disapproves ("Disapproved Items"), then Agency will be deemed to have disapproved all
exceptions on the Title Report except for the Agreed Items.
d. Within five (5) business days after receipt of written notice from Agency of
the Disapproved Items, if any, or it is deemed disapproved, Seller shall notify Agency in writing if
Seller will or will not remove the Disapproved Items. If Seller fails to notify Agency in writing,
then Seller wi II be deemed to have agreed to remove the Disapproved Items.
e. If Seller notifies Agency that it will not remove one or more of the
Disapproved Items, then Agency shall have the option, at its sole discretion, to accept title to the
Property subject to such Disapproved Items as Seller will not remove or to terminate this
Agreement. Agency shall exercise such option within fifteen (15) business days from receiving
notice from Seller provided for in Subsection (d), above by written notice to Seller. If Agency fails
to notify Seller in writing on or before the fifteenth (15th) business day that Agency is terminating
this Agreement, then Agency shall be deemed to have elected to accept title to the Property subject
to the Disapproved Items.
f. In this Agreement, the Current Liens and the Disapproved Items that Seller
will not remove are referred to as the "Permitted Title Exceptions". At the Close of Escrow, title to
the Property will be conveyed to Agency, and the Title Policy will be issued by the Title Company,
subject only to Permitted Title Exceptions. The obligation of Agency to purchase the Property is
subject to title to the Property being in the condition specified in this Subsection.
laquinta\stamag2 9 06/30/95
10. Agency's Conditions Precedent to Closing. The obligation of Agency to complete
the purchase and sale of the Property is subject to and contingent upon the satisfaction of the
following conditions set forth at or prior to the Close of Escrow:
a. Seller shall deliver through Escrow (i) an executed and recordable grant
deed sufficient to convey title to Agency in the form of Exhibit "E" attached hereto and
incorporated herein by reference (the "Grant Deed"), subject only to the matters described in
Section 10(c), below, and the matter referred to in Section 11(c) below, and (ii) all other documents
referenced in Section 13(a).
b. Seller is not in default in any of its obligations under the terms of this
Agreement.
C. Title Company has committed to deliver to Agency an ALTA standard
coverage owner's policy of title insurance dated as of the Close of Escrow, together with any
endorsements to such policy reasonably requested by the Agency and approved by Seller, issued
by Title Company , insuring Agency in an amount equal to the Purchase Price, and showing title to
the Property vested in Agency subject only to:
(i) Current real property taxes and all unpaid general and special bonds
or assessments;
(i0 The printed exceptions contained in said Title Insurance Policy,
(iii) Those Permitted Title Exceptions shown in the Preliminary Title
Report approved or waived by Agency pursuant to Section 9 herein;
(iv) Any matter suffered, approved or created by Agency or the City of La
Quinta.
d. The soi Is condition of the Property is reasonably acceptable to the Agency.
e. The environmental condition of the Property has been reviewed by Agency
pursuant to Section 6, and any required Remedial Measures have been satisfactorily completed to
the satisfaction of the Agency pursuant to Section 6 of this Agreement.
f. Agency determines in its sole and absolute discretion after performance of
feasibility and economic analyses that the Property is a physically or economically feasible site for
the development of an affordable housing project.
g. Agency securing the Purchase Price through an issuance of a bond at terms
and rates acceptable to Agency at its sole and absolute discretion.
h. Seller has provided Agency with an ALTA Land Survey of the Property
which depicts all recorded and unrecorded easements, improvements on the Property, legal
description, Property size, and provide all other information required for an ALTA Policy.
Q�V
IaquintAstama92 10 06/30/95
;�I ,*,
i. Agency shall give not' e, in writing, of its satisfaction or dissatisfaction of
items d, e, and f above no later than July 1 , 1995. If Agency disapproves items d, e, or f, either
Seller or Agency may terminate this Agree ent.
j. Agency shall give notice in writing of its satisfaction or dissatisfaction with
the ALTA Land Survey provided by Seller no later than ten (10) business days after the ALTA Land
Survey is provided to Agency by Seller. If Agency disapproves the ALTA Land Survey, then either
Seller or Agency has the right to terminate this Agreement.
11, Seller's Conditions Precedent to Closing. The obligation of Seller to complete the
sale of the Property is subject to and contingent upon the satisfaction of the conditions set forth
below at or prior to Close of Escrow.
a. Agency is not in default in any of its obligations under the terms of this
Agreement.
b. Agency shall have deposited with Escrow Holder immediately available
funds in an amount equal to the Purchase Price and Agency's share of prorations and costs
described herein.
C. Seller, or a successor owner of the Remainder Parcel, shall have a
non-exclusive easement on the Property described as follows: the easement shall be twenty (20)
feet wide and shall be along the eastern boundary of the Property commencing at the northeastern
corner of the property and terminating at the southeastern corner of the Property. The easement
shall be for the purpose of the construction and maintenance of utilities that serve the Remainder
Parcel, or any part thereof, or are required to be installed by any governmental agency or utility in
connection with the development of the Remainder Parcel, or any part thereof. The easement shall
include the right of access and egress over the easement and to the easement solely for the purpose
of construction or maintenance of said utilities. The easement rights may be shared with or
transferred to any utility provider. No improvements shall be placed on the easement which will
interfere with the easement rights granted. The easement rights granted hereunder shall be either
(i) reserved by Seller in the Grant Deed, or (ii) granted to Seller by Agency in a separate document
recorded immediately following recordation of the Grant Deed. Seller shall prepare (and pay the
cost of preparing) the legal description for the easement which shall be included in the Grant Deed
or other recorded document.
12. Warranties and Representations of Seller. Seller hereby makes the following
representations, covenants and warranties for the benefit of Agency and Agency's successors and
assigns, and acknowledges that the execution of this Agreement by Agency has been made, and the
acquisition by Agency of the Property will have been made in material reliance by Agency on such
covenants, representations and warranties:
a. Seller is the owner of and has the full right, power and authority to sell,
convey and transfer the Property to Agency as provided herein and to carry out Seller's obligations
hereunder.
06/30/95
laquinta\stama92
b. Seller has not been given notice of any violation of condition of the Property
which violates applicable laws, regulations, codes, Governmental Requirements, or covenants,
conditions, or restrictions, or of improvements or alterations made to the Property without a permit
where one was required, or of any unfulfilled order or directive of any applicable governmental
agency, or any casualty insurance company that any work of investigation, remediation, repair,
maintenance or improvement is to be performed on the Property.
C. To Seller's knowledge, no one will, at the Close of Escrow, have any right to
possession of the Property, except as disclosed by this Agreement.
d. Seller agrees to provide an adequate lien affidavit at Close of Escrow that
there are no outstanding liens of any nature or kind against the Property as of the Close of Escrow,
except as disclosed in the Title Policy.
e. Seller has no actions, suits, or proceedings pending or threatened before any
government department, commission, board, bureau, agency, court or instrumentality that would
affect the Property or the right to occupy or utilize same.
f. Neither Seller nor any partner of Seller is the subject of a bankruptcy
proceeding and permission of a bankruptcy court is not necessary for Seller to be able to transfer
the Property as provided herein.
g. To the best of Seller's knowledge, there are no Hazardous Materials or
Hazardous Materials Contamination on, under, or in the Property.
13. Documents to be Delivered Prior to Close of Escrow.
a. Prior to Close of Escrow, Seller shall deliver the following documents to
Escrow Holder:
(i) The Grant Deed, originally executed and acknowledged, attached as
Exhibit "E";
(ii) A non -foreign transferor declaration (the "Non -Foreign Transferor
Declaration"), duly executed and in the form of Exhibit "F" attached hereto and made a part hereof.
(iii) Such funds and documents as are necessary to comply with Seller's
obligations under this Agreement, or if not delivered, Escrow Holder is authorized to use Seller's
proceeds from the sale in Escrow Holder's possession to pay such obligations.
b. Prior to the Close of Escrow, Agency shall deposit on behalf of Agency with
Escrow the following:
(i) The Purchase Price in immediately available funds as referenced in
Section 3 above;
(ii) The Deed Acceptance originally executed and in the form of Exhibit
"G", attached hereto and made a part hereof;
kqulnta\stamag2 12 06/30/95
(iii) Such other funds and documents as are necessary to comply with
Agency's obligations under this Agreement.
14. Escrow Holder's Instructions. At such time as (i) the conditions precedent to Close
of Escrow described in Section 10 above have been satisfied or waived, (ii) Title Company is
prepared to issue the Title Policy described in Section 15 below, and (iii) Escrow Holder has
received the documents and funds specified in Section 13, above, Escrow Holder shall:
a. Record in the office of the County Recorder of Riverside County, California
the Grant Deed (Exhibit "E") and the Deed Acceptance (Exhibit "G");
b. Deliver to Seller funds in the amount of the Purchase Price, less Seller's
share of prorations and costs described herein (including any costs to pay off existing
encumbrances);
C. Deliver to Agency the Non -Foreign Transferor Declaration, attached as
Exhibit "F"
d. Report all information required pursuant to Internal Revenue Code Section
6045(e), and shall provide copies of all such reports to all parties hereto.
15. Title Insurance Policy. At close of Escrow, Title Company shall issue to Agency the
Title Policy in the amount equal to the Purchase Price showing fee simple title to Agency's interest
in the Property vested in Agency, subject only to those Permitted Title Exceptions described in
Sections 10(c) and 11(c) above, together with any endorsements which are reasonably requested by
the Agency and approved by Seller.
16. Broker's Commission. Agency warrants and represents that it is not represented by
a broker in the transaction which is the subject of this Agreement. Seller and Agency mutually
agree to and do hereby indemnify and hold the other harmless from and against any and all costs,
liabilities, losses, damages, claims, causes of action or proceedings which may result from any
broker, agency or finder, licensed or otherwise which it has employed in connection with the
transactions covered by this Agreement.
17. Waiver Consent, and Remedies. Each provision of this Agreement to be performed
by Agency and Seller shall be deemed both a covenant and a condition and shall be a material
consideration for Seller's and Agency's performance hereunder, as appropriate, and any breach
thereof by Agency or Seller shall be deemed a material default hereunder. Either party may
specifically and expressly waive in writing any portion of this Agreement or any breach thereof, but
no such waiver shall constitute a further or continuing waiver of a preceding or succeeding breach
of the same or any other provision. A waiving party may at any time thereafter require further
compliance by the other party with any breach or provision so waived unless under this Agreement
waiver constitutes acceptance. The consent by one party to any act by the other for which such
consent was required shall not be deemed to imply consent or waiver of the necessity of obtaining
such consent for the same or any similar acts in the future. No waiver or consent shall be implied
from silence or any failure of a party to act, except as otherwise specified in this Agreement. All
rights, remedies, undertakings, obligations, options, covenants, conditions and agreements
laquintaAsmmag[ 13 06/30/95
contained in this Agreement shall be cumulative and no one of them shall be exclusive of any
other. Except as otherwise specified herein, either party hereto may pursue any one or more of its
rights, options or remedies hereunder or may seek damages in the event of the other party's breach
hereunder, or may pursue any other remedy at law or equity, whether or not stated in this
Agreement.
18. Certain Limitations. Except in the situation specified in the last sentence of Section
17, in the event of any alleged default under this Agreement by Seller, or the failure of Seller to
convey the Property to Agency, which failure Agency alleges is a default under this Agreement, the
Agency specifically agrees that it will not seek specific performance of this Agreement, file a lis
pendens with respect to the Property, or take any action which would cause or result in any
exception to title being filed or recorded with respect to the Property. In the event of any such
default or alleged default, Agency will pursue all such remedies for damages as it may have under
this Agreement or at law. If, on the date scheduled for the Close of Escrow, Agency has fully
complied with this Agreement, deposits or has deposited in Escrow the full amount of the Purchase
Price remaining to be paid to Seller and all other required documents, items, and funds, and
Agency is ready and willing to purchase the Property and pay the Purchase Price to Seller without
any reservations or conditions, the Seller refuses to accept the full payment from Agency and sell
and convey the Property to Agency, then under these circumstances, and only under these
circumstances, will the prohibitions specified in the first sentence of this Section be inapplicable.
19. Attorneys' Fees. In the event of any declaratory or other legal or equitable action,
instituted between Seller, Agency and/or Escrow Holder in connection with this Agreement then as
between Agency and Seller, the prevailing party shall be entitled to recover from the losing party
all of its costs and expenses, including court costs and reasonable attorneys' fees, and all fees, costs
and expenses incurred on any appeal or in collection of any judgment.
20. Notices. Any notice, request, demand, consent, approval or other communication
required or permitted hereunder or by law shall be validly given or made only if in writing and
delivered in person to an officer or duly authorized representative of the other party or seventy-two
(72) hours after being deposited in the United States mail, duly certified or registered (return receipt
requested), postage prepaid, and addressed to the party for whom intended, as follows:
If to Seller: Ms. Christine F. Clarke
Stamko Development Co.
10100 Santa Monica Boulevard, Suite 400
Los Angeles, CA 90067
310-277-3622
FAX - 310-277-1328
Ms. Carol S. May
Fogel, Feldman, Ostrov, Ringer & Klevens
1620 26th Street, Suite 100 South
Santa Monica, CA 90404
310-453-6711
FAX - 310-828-2191
laquinta\stamag2 14 06/30/95
If to Agency: La Quinta Redevelopment Agency
78-495 Calle Tampico
La Quinta, California 92253
Attention: Executive Director
619/777-7100
FAX - 619/777-7101
Copy to: Dawn Honeywell, Esq.
5334 East Chapman Avenue #204
Orange, California 92669
800/350-6812
FAX (714) 771-1109
and
Copy to: Rosenow Spevacek Group, Inc.
450 North Golden Circle #305
Santa Ana, California, 92705
Attention: John N. Yonai
714/541-4585
FAX - 714/836-1748
Any party may from time to time, by written notice to the other, designate a different
address which shall be substituted for that specified above. If any notice or other document is sent
by mail as aforesaid, the same shall be deemed fully delivered and received forty-eight (48) hours
after mailing as provided above.
21. Gender and Number. In this Agreement (unless the context requires otherwise), the
masculine, feminine and neuter genders and the singular and the plural shall be deemed to include
one another, as appropriate.
22. Entire Agreement. This Agreement and its exhibits constitute the entire agreement
between the parties hereto pertaining to the subject matter hereof, and the final, complete and
exclusive expression of the terms and conditions thereof. All prior agreements, representations,
negotiations and understandings of the parties hereto, oral or written, expressed or implied, are
hereby superseded and merged herein.
23. Captions. The captions used herein are for convenience only and are not a part of
this Agreement and do not in any way limit or amplify the terms and provisions hereof.
24. Governing Law. This Agreement and the exhibits attached hereto have been
negotiated and executed in the State of California and shall be governed by and construed under
the laws of the State of California. Any actions brought to enforce this Agreement shall be brought
in an appropriate court in Riverside County, California
laqu intAstanna92 15 06/30/95
25. Invalidity of Provision. If any provision of this Agreement as applied to any party or
to any circumstance shall be adjudged by a court of competent jurisdiction to be void or
unenforceable for any reason, the same shall in no way affect (to the maximum extent permissible
by law) any other provision of this Agreement, the application of any such provision under
circumstances different from those adjudicated by the court, or the validity or enforceability of this
Agreement as a whole.
26. Amendments. No addition to or modification of any provision contained in this
Agreement shall be effective unless fully set forth in writing by Agency and Seller.
27. Counterparts. This Agreement may be executed in one or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute but one and the
same instrument.
28. General Provisions Applicable to Escrow Holder. All disbursements shall be made
by your check, except payments to Seller which shall be in immediately available funds. All funds
received in this Escrow shall be deposited in one or more of your general escrow accounts with any
bank doing business in the State of California and may be transferred to any other general escrow
account or accounts. Recordation of any instruments delivered through this Escrow, if necessary or
proper in the issuance of the Title Policy is hereby authorized.
29. Non -Discrimination. The Agency herein covenants by and for itself and its heirs,
executors, administrators and assigns, and all persons claiming under or through them, that there
shall be no discrimination against or segregation of, any person or group of persons on account of
race, color, creed, religion, sex, marital status, age, handicap, national origin or ancestry in the
sale, lease, transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor shall
the Agency itself or any person claiming under or through it, establish or permit any such practice
or practices of discrimination or segregation with reference to the selection, location, number, use
or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed.
The foregoing covenants shall run with the land.
30. Written Notices. In all cases provided for in this Agreement in which a party is
permitted or required to give notice, or to exercise a right or option, including a termination right,
then the notice must be in writing and the exercise of the right or option must be in writing.
31. Exhibits. The following exhibits are attached hereto and incorporated herein by this
reference:
Exhibit "A"
Legal Description
Exhibit "B"
Site Map
Exhibit "C"
Preliminary Title Report
Exhibit "D"
Permitted Title Exceptions
Exhibit "E"
Grant Deed
Exhibit "F"
Non -Foreign Transferor Declaration
Exhibit "G"
Deed Acceptance
hqu intaksb mag2 16 06/30/95
32. Cooperation on Termination. Upon any termination of this Agreement, each party
will cooperate with the other to execute, deliver, and/or acknowledge any and all such documents
and instruments as may be reasonably requested by the other party to evidence termination of this
Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first
written above.
ATE T:
igency Secretary
APPROVED AS TO FORM:
�Y(�'1/iVl, �') /Tf -f`✓ IYZ n� ,t9�i`
Agency Counsel
AGENCY:
LA QUINTA REDEVELOPMENT AGENCY, a
public body corporate and politic ri�/'�
Executive Director
SELLER:
STAMKO DEVELOPMENT CO, A LIMITED
PARTNERSHIP
BY: ITS GEN L PARTNER, KESTAM
CORP., ALIFO NIA
CORP I
BY:
CHRISTINE F. CLARKE, President
laquintaAstamag2 17 06/30/95
DESCRIPTION
Page 1 Order No. 580913B 30
PARCEL 1:
THOSE PORTIONS OF SECTION 29, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN BERNARDINO
BASE AND MERIDIAN, ACCORDING TO THE OFFICIAL PLAT THEREOF, DESCRIBED AS FOLLOWS:
A. THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 29;
EXCEPTING FROM SAID PORTION OF SECTION 29, THE EAST 330 FEET;
ALSO EXCEPTING THEREFROM THAT PORTION CONVEYED TO THE STATE OF CALIFORNIA BY
DEED RECORDED AUGUST 2, 1968 AS INSTRUMENT NO. 74777, OFFICIAL RECORDS;
B. THAT PORTION OF THE WEST HALF OF THE EAST HALF OF THE NORTHWEST QUARTER OF
SAID SECTION 29 LYING SOUTH OF THE STATE HIGHWAY AS CONVEYED TO THE STATE OF
CALIFORNIA BY DEED RECORDED AUGUST 2, 1968 AS INSTRUMENT NO. 74777, OFFICIAL
RECORDS;
C. THAT PORTION OF THE EAST HALF OF THE WEST HALF OF THE WEST HALF OF SAID
SECTION 29 LYING SOUTHERLY OF THE SOUTHERLY LINE OF THAT PORTION THEREOF
CONVEYED TO THE STATE OF CALIFORNIA BY DEED RECORDED AUGUST 2, 1968 AS
INSTRUMENT NO. 74777, OFFICIAL RECORDS.
PARCEL 2:
THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 29, TOWNSHIP 5 SOUTH,
RANGE 7 EAST, SAN BERNARDINO BASE AND MERIDIAN, ACCORDING TO THE OFFICIAL PLAT
THEREOF;
EXCEPTING THEREFROM THE EASTERLY 660 FEET THEREOF.
PARCEL 3:
THE WEST HALF OF THE WEST HALF OF THE WEST HALF OF SECTION 29, TOWNSHIP 5 SOUTH,
RANGE 7 EAST, SAN BERNARDINO BASE AND MERIDIAN, ACCORDING TO THE OFFICIAL PLAT
THEREOF;
EXCEPTING THEREFROM THAT PORTION DESCRIBED AS FOLLOWS:
BEGINNING AT THE WEST QUARTER CORNER OF SAID SECTION 29;
THENCE SOUTHERLY, ALONG THE WESTERLY LINE THEREOF, 200 FEET;
THENCE EASTERLY, PARALLEL WITH THE NORTH LINE OF THE NORTHWEST QUARTER OF THE
SOUTHWEST QUARTER OF SAID SECTION, 445.12 FEET;
THENCE NORTHERLY, PARALLEL WITH THE WESTERLY LINE OF SAID SECTION, TO THE
SOUTHERLY LINE OF SAID STATE HIGHWAY;
THENCE NORTHWESTERLY, ALONG THE SOUTHERLY LINE OF SAID STATE HIGHWAY, TO THE
WESTERLY LINE OF SAID SECTION;
THENCE SOUTHERLY, ALONG SAID WESTERLY LINE, TO THE POINT OF BEGINNING;
ALSO EXCEPTING THEREFROM THAT PORTION LYING NORTHERLY OF THE SOUTHERLY LINE OF
THE STATE HIGHWAY, AS CONVEYED TO THE STATE OF CALIFORNIA BY DEED RECORDED
AUGUST 23, 1968 AS INSTRUMENT NO. 82038, OFFICIAL RECORDS.
SAID PROPERTY IS ALSO SHOWN ON LICENSED LAND SURVEY MAPS ON FILE IN BOOK 8 PAGE
14 AND IN BOOK 9 PAGE 98 OF RECORDS OF SURVEY, RECORDS OF RIVERSIDE COUNTY,
�`n T.T FCIRNTA.
V
THIS MAP IS FOR
IASSESSMENT PURPOSES ONLY
DATA : RS 7/1l RS/S/ /J
RS///1
R334/r
RSJs/rs
wi
ss/s
)PS 8
SrI • L Rw // - R/Y- "I
/ID'RDSI J?e!t*/3S
RS/I/SJ
RS /3/ /l
ASSESSORS MAP BK.649 PG. 03
RIVERSIDE COUNTY, CAL/F.
R.G .
S112 SEC. 29; T.
f2l,
"'AIR3Fainli
t0 strOom 811d Othof `a
pint Is Deiieved to W 0
60'Rds. per AUYb"Occu
32692 4/39
► CHICAGO TITLE COMPANY
Issuing Office:
3880 LEMON STREET
RIVERSIDE, CALIFORNIA
PHONE: (909)686-4180
CHRISTINE F. CLARKE
STAMKO DEVLEOPMENT CO.
10100 SANTA MONICA BLVD., #400
LOS ANGELES, CALIFORNIA 90067
Dated as of: April 28, 1995 at 7:30 AM
Order No. sB0913B 30
Reference:
Regarding: SE WASHINGTON & MILES NE -ADAMS &
48TH
LA QUINTA, CALIFORNIA
In response to the above referenced application for a policy of title insurance.
CHICAGO TITLE COMPANY
hereby reports that it is prepared to issue, or cause to be issued, as of the date hereof, a Policy or Policies of Title Insurance
describing the land and the estate or interest therein hereinafter set forth, insuring against loss which may be sustained by
reason of any defect, lien or encumbrance not shown or referred to as an Exception in Schedule B or not excluded from
coverage pursuant to the printed Schedules, Conditions and Stipulations of said Policy forms.
The printed Exceptions and Exclusions from the coverage of said Policy or Policies are set forth in the attached list. Copies
Of the Policy forms should be read. Thev are available from the office which issued the report.
r referred to in Schedule B and the exceptions and exclusions set forth in the
Please read the exceptions shown o
and exclusions arP mean[ !o provide you with notice of matters
attached list of this report carefully. The exceptions
Which are not covered under the terms of the title insurance policy and should be carefully considered.
It is important to note that this preliminary report is not a written representation as to the condition of title and may
not list all liens, defects, and encumbrances affecting title to the land.
THIS REPORT (AND ANY SUPPLEMENTS OR AMENDMENTS HERETO) IS ISSUED SOLELY FOR THE
PURPOSE OF FACILITATING THE ISSUANCE OF A POLICY OF TITLE INSURANCE .-\N NO LIABILITY IS
Y. IF IT IS DESIRED TFLAT LIABILITY BE .-kSSUMED PRIOR TO TH
PASSUMED OLICY OF TITLE INSURANCE. A BINDER OR COMMITMENT SHOULD BE REQUESTED E ISSUANCE OF A
The form of policy of title insurance contemplated by this report is:
CALIFORNIA LAND TITLE ASSOCIATION STANDARD COVERAGE POLICY
DICK MUNSEY
Title Officer
Ile"PG4-11-07,94 AA (/
SCHEDULE A
Order No: 580913B 30 Your Ref:
1. The estate or interest in the land hereinafter described or referred to covered by this report is:
A FEE
2. Title to said estate or interest at the date hereof is vested in:
STAMKO DEVELOPMENT CO., A LIMITED PARTNERSHIP
3. The land referred to in this report is situated in the State of California. Countv of RIVERSIDE
and is described as follows:
SEE ATTACHED DESCRIPTION
DESCRIPTION
Order No. 580913B 30
Page 1
PARCEL 1:
THOSE PORTIONS OF SECTION 29, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN BERNARDINO
BASE AND MERIDIAN, ACCORDING TO THE OFFICIAL PLAT THEREOF, DESCRIBED AS FOLLOWS:
A. THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 29;
EXCEPTING FROM SAID PORTION OF SECTION 29, THE EAST 330 FEET;
ALSO EXCEPTING THEREFROM THAT PORTION CONVEYED TO THE STATE OF CALIFORNIA BY
DEED RECORDED AUGUST 2, 1968 AS INSTRUMENT NO. 74777, OFFICIAL RECORDS;
B. THAT PORTION OF THE WEST HALF OF THE EAST HALF OF THE NORTHWEST QUARTER OF
SAID SECTION 29 LYING SOUTH OF THE STATE HIGHWAY AS CONVEYED TO THE STATE OF
CALIFORNIA BY DEED RECORDED AUGUST 2, 1968 AS INSTRUMENT NO. 74777, OFFICIAL
RECORDS;
C. THAT PORTION OF THE EAST HALF OF THE WEST HALF OF THE WEST HALF OF SAID
SECTION 29 LYING SOUTHERLY OF THE SOUTHERLY LINE OF THAT PORTION THEREOF
CONVEYED TO THE STATE OF CALIFORNIA BY DEED RECORDED AUGUST 2, 1968 AS
INSTRUMENT NO. 74777, OFFICIAL RECORDS.
PARCEL 2:
THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 29, TOWNSHIP 5 SOUTH,
RANGE 7 EAST, SAN BERNARDINO BASE AND MERIDIAN, ACCORDING TO THE OFFICIAL PLAT
THEREOF;
EXCEPTING THEREFROM THE EASTERLY 660 FEET THEREOF.
PARCEL 3:
THE WEST HALF OF THE WEST HALF OF THE WEST HALF OF SECTION 29, TOWNSHIP 5 SOUTH,
RANGE 7 EAST, SAN BERNARDINO BASE AND MERIDIAN, ACCORDING TO THE OFFICIAL PLAT
THEREOF;
EXCEPTING THEREFROM THAT PORTION DESCRIBED AS FOLLOWS:
BEGINNING AT THE WEST QUARTER CORNER OF SAID SECTION 29;
THENCE SOUTHERLY, ALONG THE WESTERLY LINE THEREOF, 200 FEET;
THENCE EASTERLY, PARALLEL WITH THE NORTH LINE OF THE NORTHWEST QUARTER OF THE
SOUTHWEST QUARTER OF SAID SECTION, 445.12 FEET;
THENCE NORTHERLY, PARALLEL WITH THE WESTERLY LINE OF SAID SECTION, TO THE
SOUTHERLY LINE OF SAID STATE HIGHWAY;
THENCE NORTHWESTERLY, ALONG THE SOUTHERLY LINE OF SAID STATE HIGHWAY, TO THE
WESTERLY LINE OF SAID SECTION;
THENCE SOUTHERLY, ALONG SAID WESTERLY LINE, TO THE POINT OF BEGINNING;
ALSO EXCEPTING THEREFROM THAT PORTION LYING NORTHERLY OF THE SOUTHERLY LINE OF
THE STATE HIGHWAY, AS CONVEYED TO THE STATE OF CALIFORNIA BY DEED RECORDED
AUGUST 23, 1968 AS INSTRUMENT NO. 82038, OFFICIAL RECORDS.
SAID PROPERTY IS ALSO SHOWN ON LICENSED LAND SURVEY MAPS ON FILE IN BOOK 8 PAGE
14 AND IN BOOK 9 PAGE 98 OF RECORDS OF SURVEY, RECORDS OF RIVERSIDE COUNTY,
CALIFORNIA.
Page 1
vLUcL lw. J0vJ1.Ju
SCHEDULE B
Ynnr Ref'
At the date hereof exceptions to coverage in addition to the printed Exceptions and Exclusions in the policy
form designated on the face page of this Report would be as follows:
A 1. GENERAL AND SPECIAL TAXES FOR THE FISCAL YEAR 1995-96, NOW A LIEN, NOT
YET DUE OR PAYABLE.
g 2. SAID PROPERTY HAS BEEN DECLARED TAX —DEFAULTED FOR NON—PAYMENT OF GENERAL
AND SPECIAL TAXES AND SUBSEQUENT DELINQUENCIES FOR THE FISCAL YEAR
1989-90
ASSESSMENT NO. : 649-030-002-6
PRIOR TO : MAY 31, 1995
AMOUNT TO PAY : $17,504.22
C AFFECTS:
PARCEL 3
D 3. SAID PROPERTY HAS BEEN DECLARED TAX —DEFAULTED FOR NON—PAYMENT OF GENERAL
AND SPECIAL TAXES AND SUBSEQUENT DELINQUENCIES FOR THE FISCAL YEAR
1989-90
ASSESSMENT NO. : 649-030-003-7
PRIOR TO : MAY 31, 1995
AMOUNT TO PAY : $53,407.87
E AFFECTS:
PARCEL 1
4. SAID PROPERTY HAS BEEN DECLARED TAX —DEFAULTED FOR NON—PAYMENT OF GENERAL
AND SPECIAL TAXES AND SUBSEQUENT DELINQUENCIES FOR THE FISCAL YEAR
1989-90
ASSESSMENT NO. : 649-030-005-9
PRIOR TO : MAY 31, 1995
AMOUNT TO PAY : $8,393.19
G AFFECTS:
PARCEL 2
n 5. THE LIEN OF SUPPLEMENTAL TAXES, IF ANY, ASSESSED PURSUANT TO THE
PROVISIONS OF CHAPTER 3.5 (COMMENCING WITH SECTION 75) OF THE REVENUE AND
TAXATION CODE OF THE STATE OF CALIFORNIA.
6. ASSESSMENTS OF THE COACHELLA VALLEY WATER DISTRICT.
7. RIGHTS OF THE PUBLIC IN AND TO ANY PORTION OF THE PROPERTY HEREIN
==ELIM B-817. 91 Irc
SCHEDULE B
Page 2 (continued)
Order No: 580913E 30 Your Ref:
DESCRIBED LYING WITHIN 48TH AVENUE AND ADAMS STREET.
K NOTE: AN ABANDONMENT OF A PORTION OF 48TH STREET WAS RECORDED JANUARY 14,
1975 AS INSTRUMENT NO. 4956, OFFICIAL RECORDS.
L 8. COVENANTS, RECORDED APRIL 17, 1940 IN BOOK 458 PAGE 373, OFFICIAL RECORDS,
BUT OMITTING ANY COVENANT OR RESTRICTION BASED ON RACE, COLOR, RELIGION,
SEX, HANDICAP, FAMILIAL STATUS, OR NATIONAL ORIGIN.
M AMONG OTHER THINGS, SAID DOCUMENT PROVIDES THE FOLLOWING:
A RESERVATION OF AN EASEMENT OVER A PORTION OF SAID LAND, AND FOR THE
PURPOSE STATED HEREIN AND INCIDENTAL PURPOSES;
PURPOSE: EASEMENTS
AFFECTS: SAID LAND
N 9. AN EASEMENT FOR THE PURPOSE SHOWN BELOW AND RIGHTS INCIDENTAL THERETO AS
SET FORTH IN A DOCUMENT
IN FAVOR OF: COACHELLA VALLEY COUNTY WATER DISTRICT
PURPOSE: UTILITIES
RECORDED: DECEMBER 27, 1944 IN BOOR 658 PAGE 175, OFFICIAL
RECORDS
AFFECTS: THE NORTH 100 FEET OF PARCEL 1 AND THE NORTH 40 FEET
OF THE SOUTH 70 FEET OF PARCEL 2
10. AN EASEMENT FOR THE PURPOSE SHOWN BELOW AND RIGHTS INCIDENTAL THERETO AS
SET FORTH IN A DOCUMENT
IN FAVOR OF: FRED A. HARDER, AN UNMARRIED MAN
PURPOSE: PUBLIC ROAD AND UTILITY USES
RECORDED: MARCH 13, 1951 AS INSTRUMENT NO. i0778, OFFICIAL
RECORDS
AFFECTS: THE NORTH 30 FEET, THE WEST 30 FEET AND THE SOUTH 30
FEET OF PARCEL 2
AN EASEMENT FOR THE PURPOSE SHOWN BELOW AND RIGHTS INCIDENTAL THERETO AS
SET FORTH IN A DOCUMENT
IN FAVOR OF: STATE OF CALIFORNIA
PURPOSE: HIGHWAY SLOPE PURPOSES
RECORDED: AUGUST 2, 1968 AS T_NSTRUMENT NO. 74777, OFFICIAL
RECORDS
AFFECTS: THE NORTHERLY 15 FEET OF PARCEL 1
==EUMBC'9/23/93bk
SCHEDULE B
Pape 3 (continued)
AL.. ce,.,,,, 1v 7n Your Ref:
a 12. THE RIGHT AT ANY TIME TO REMOVE SUCH SLOPES OR PORTIONS THEREOF UPON
REMOVING THE NECESSITY FOR MAINTAINING SUCH SLOPES OR PORTIONS THEREOF OR
UPON PROVIDING IN PLACE THEREOF OTHER ADEQUATE LATERAL SUPPORT, THE DESIGN
AND CONSTRUCTION OF WHICH SHALL BE FIRST APPROVED BY THE STATE DIVISION OF
HIGHWAYS, FOR THE PROTECTION AND SUPPORT OF SAID HIGHWAY, AS RESERVED BY
JAMES Y. SAKAI AND TOSHIKO SAKAI, HUSBAND AND WIFE, IN DEED RECORDED AUGUST
2, 1968 AS INSTRUMENT NO. 74777, OFFICIAL RECORDS.
R AFFECTS: PARCEL 1
S 13. AN EASEMENT FOR THE PURPOSE SHOWN BELOW AND RIGHTS INCIDENTAL THERETO AS
SET FORTH IN A DOCUMENT
IN FAVOR OF: STATE OF CALIFORNIA
PURPOSE: HIGHWAY SLOPE PURPOSES
RECORDED: AUGUST 23, 1968 AS INSTRUMENT NO. 82038, OFFICIAL
RECORDS
AFFECTS: THE NORTHERLY 15 FEET OF PARCEL 3
r 14. THE RIGHT AT ANY TIME TO REMOVE SLOPES OR PORTIONS THEREOF UPON REMOVING
THE NECESSITY FOR MAINTAINING SUCH SLOPES OR PORTIONS THEREOF OR UPON
PROVIDING IN PLACE THEREOF OTHER ADEQUATE LATERAL SUPPORT, THE DESIGN AND
CONSTRUCTION OF WHICH SHALL BE FIRST APPROVED BY THE STATE DIVISION OF
HIGHWAYS, FOR THE PROTECTION AND SUPPORT OF SAID HIGHWAY, AS GRANTED TO THE
STATE OF CALIFORNIA BY DEED RECORDED AUGUST 23, 1968 AS INSTRUMENT NO.
82038, OFFICIAL RECORDS.
i AFFECTS:
PARCEL 3
_5. A DEED OF TRUST TO SECURE AN INDEBTEDNESS IN THE ORIGINAL AMOUNT SHOWN
BELOW;
AMOUNT: $244,061.14
DATED: MARCH 21, 1977
TRUSTOR: HIGHWAY 111 PROJECT, A GENERAL PARTNERSHIP
TRUSTEE: SAFECO TITLE INSURANCE COMPANY, A CALIFORNIA
CORPORATION
BENEFICIARY: JAMES Y. SAKAI, A WIDOWER
RECORDED: APRIL 19, 1977 AS INSTRUMENT NO. 66449 AND RE —RECORDED
SEPTEMBER 6, 1977 AS INSTRUMENT NO. 174359, BOTH OF
OFFICIAL RECORDS
u AFFECTS: PARCEL 1
x BY MESNE ASSIGNMENTS OF RECORD, THE BENEFICIAL INTEREST UNDER SAID DEED OF
n
=�ELIMHGS`/[a/7a on
SCHEDULE B
Paee 4 (continued)
Order No: 580913B 30 Your Ref:
TRUST HAS BEEN ASSIGNED TO LEONARD G. MUSKIN AND DONALD T. LEAHY, EACH AS
TO AN UNDIVIDED ONE—HALF INTEREST.
Y 16. A DEED OF TRUST TO SECURE AN INDEBTEDNESS IN THE ORIGINAL AMOUNT SHOWN
BELOW;
AMOUNT: $33,906.07
DATED: MARCH 21, 1977
TRUSTOR: HIGHWAY 111 PROJECT, A GENERAL PARTNERSHIP
TRUSTEE: SAFECO TITLE INSURANCE COMPANY, A CALIFORNIA
CORPORATION
BENEFICIARY: WALTER T. FUTA AND IRENE K. FUTA, HUSBAND AND WIFE, AS
JOINT TENANTS
RECORDED: APRIL 19, 1977 AS INSTRUMENT NO. 66451, OFFICIAL
RECORDS
Z AFFECTS: PARCEL 2
AA AN ASSIGNMENT OF THE BENEFICIAL INTEREST UNDER SAID DEED OF TRUST WHICH
NAMES.
AS ASSIGNEE: IRENE K. FUTA, AS TRUSTEE OF THE FUTA TRUST DATED
APRIL 22, 1987
RECORDED: MAY 13, 1987 AS INSTRUMENT NO. 133178, OFFICIAL
RECORDS
AB 17. A DEED OF TRUST TO SECURE AN INDEBTEDNESS IN THE ORIGINAL AMOUNT SHOWN
BELOW;
AMOUNT: $76,678.79
DATED: MARCH 21, 1977
TRUSTOR: HIGHWAY 111 PROJECT, A GENERAL PARTNERSHIP
TRUSTEE: SAFECO TITLE INSURANCE COMPANY, A CALIFORNIA
CORPORATION
BENEFICIARY: KAZUO NAGATA AND YOSHIO NAGATA
RECORDED: APRIL 19, 1977 AS INSTRUMENT NO. 66452, OFFICIAL
RECORDS
AC AFFECTS: PARCEL 3
AD IS. A DEED OF TRUST TO SECURE AN INDEBTEDNESS IN THE ORIGINAL AMOUNT SHOWN
BELOW;
AMOUNT: $(NOT SET OUT)
DATED: OCTOBER 15, 1987
TRUSTOR: T111P, LTD., A CALIFORNIA LIMITED PARTNERSHIP
--E_'. 16CG9/22, 93bM
Page 5
Order No: 580913H
AE
A
AG
SCHEDULE B
(continued)
30 Your Ref:
TRUSTEE: TICOR TITLE INSURANCE COMPANY OF CALIFORNIA, A
CALIFORNIA CORPORATION
BENEFICIARY: CHRISTINE F. CLARKE
RECORDED: OCTOBER 28, 1987 AS INSTRUMENT NO. 309726, OFFICIAL
RECORDS
19. A DEED OF TRUST TO SECURE AN INDEBTEDNESS IN THE ORIGINAL AMOUNT SHOWN
BELOW;
AMOUNT: $(NOT SET OUT)
DATED: OCTOBER 15, 1987
TRUSTOR: T111P, LTD., A CALIFORNIA LIMITED PARTNERSHIP
TRUSTEE: TITLE INSURANCE AND TRUST COMPANY, A CALIFORNIA
CORPORATION
BENEFICIARY: CAROL S. MAY AND LYNARD C. HINOJOSA
RECORDED: DECEMBER 21, 1987 AS INSTRUMENT NO. 358082, OFFICIAL
RECORDS
20. A DEED OF TRUST TO SECURE PERFORMANCE UNDER AN AGREEMENT REFERRED TO
THEREIN;
DATED: MAY 31, 1988
TRUSTOR: T111P, LTD., A CALIFORNIA LIMITED PARTNERSHIP
TRUSTEE: TICOR TITLE INSURANCE COMPANY OF CALIFORNIA, A
CALIFORNIA CORPORATION
BENEFICIARY: ELSE KONTNY
RECORDED: JUNE 8, 1988 AS INSTRUMENT NO. 155393, OFFICIAL
RECORDS
21. A DEED OF TRUST TO SECURE AN INDEBTEDNESS IN THE ORIGINAL AMOUNT SHOWN
BELOW;
AMOUNT: $(NOT SET OUT)
DATED: FEBRUARY 24, 1988
TRUSTOR: T111P, LTD., A CALIFORNIA LIMITED PARTNERSHIP
TRUSTEE: TICOR TITLE INSURANCE COMPANY OF CALIFORNIA, A
CALIFORNIA CORPORATION
BENEFICIARY: CHRISTINE F. CLARKE, STEPHEN COLLETT AND COLLETT &
LEVY
RECORDED: JUNE 6, 1988 AS INSTRUMENT NO. 153028, OFFICIAL
RECORDS
END OF SCHEDULE B
'PELIMBG-S, Z! /93Dk
Page 6
Order No: 580913B 30
SCHEDULE B
(continued)
Your Ref:
Al NOTE NO. 1: WIRING INSTRUCTIONS:
IF YOU WANT TO WIRE TRANSFER FUNDS TO CHICAGO TITLE COMPANY, PLEASE USE THE
FOLLOWING FORMAT:
CREDIT: CHICAGO TITLE RIVERSIDE SUB —ESCROW ACCOUNT
RECEIVING BANK: BANK OF AMERICA, CONCORD
BANK LOCATION: 1850 GATEWAY BOULEVARD
CONCORD, CALIFORNIA 94520
BANK ABA NUMBER: 121000358
ACCOUNT NUMBER: 12358-50748
REFERENCE: TITLE ORDER NO. AND TITLE OFFICER
NOTE NO. 2: IF A 1970 ALTA OWNER'S OR LENDER'S OR 1975 ALTA LEASEHOLD
OWNER'S OR LENDER'S POLICY FORM HAS BEEN REQUESTED, THE POLICY, WHEN
APPROVED FOR ISSUANCE, WILL BE ENDORSED TO ADD THE FOLLOWING TO THE
EXCLUSIONS FROM COVERAGE CONTAINED THEREIN:
LOAN POLICY EXCLUSION:
ANY CLAIM, WHICH ARISES OUT OF THE TRANSACTION CREATING THE INTEREST OF THE
MORTGAGEE INSURED BY THIS POLICY, BY REASON OF THE OPERATION OF FEDERAL
BANKRUPTCY, STATE INSOLVENCY OR SIMILAR CREDITORS' RIGHTS LAWS.
OWNER'S POLICY EXCLUSION
ANY CLAIM, WHICH ARISES OUT OF THE TRANSACTION VESTING IN THE INSURED, THE
ESTATE OR INTEREST INSURED BY THIS POLICY, BY REASON OF THE OPERATION OF
FEDERAL BANKRUPTCY, STATE INSOLVENCY OR SIMILAR CREDITORS' RIGHTS LAWS.
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AMERICAN LAND TITLE ASSOCIATION OWNER'S POLICY (10-17-92)
and
AMERICAN LAND TITLE ASSOCIATION LEASEHOLD OWNER'S POLICY (10-17-92)
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs. attorneys' fees or
expenses which arise by reason of:
t (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws. ordinances. or regulations) restricting,
regulating, prohibiting or relating to (i) the occupancy. use, or enjoyment of the land; (6) the character, dimensions or location of any improvement
now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the
land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except
to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation
affecting the land has been recorded in the public records at Date of Policy
(b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or
encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from
coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge.
Defects. liens, encumbrances, adverse claims or other matters:
(a) created, suffered, assumed or agreed to by the insured claimant:
(b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to
the Company by the insured claimant prior to the date the insured claimant became an insured under this policy;
(c) resulting in no loss or damage to the insured claimant:
(d) zAttaching or created subsequent to Date of Policy; or
(e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this
policy.
Any claim, which arises out of the transaction vesting in the insured the estate or interest insured by this policy, by reason of the operation
of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on:
(i) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or
(ii) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential
transfer results from the failure:
(a) to timely record the instrument of transfer; or
(b) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor.
The above policy forms may be issued to afford either Standard Coverage or Extended Coverage. In addition to the above Exclusions from
Coverage, the Exceptions from Coverage in a Standard Coverage policy will also include the following General Exceptions:
EXCEPTIONS FROM COVERAGE
This policy does not insure against loss or damage (and the Company will not pay costs, attorneysfees or expenses) which arise by reason of:
i Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or
by the public records.
Proceedings by a public agencywhich may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such
agency or by the public records.
2. Any facts, rights, interests or claims which are not shown by the public records but which could be ascertained by an inspection of the land or by making
inquiry of persons in possession thereof.
3. Easements, liens or encumbrances. or claims thereof, which are not shown by the public records.
d. Discrepancies, conflicts in boundary lines, shortage to area. encroachments, or any other facts which a correct survey would disclose, and which are
not shown by the public records.
5. (a) Unpatented mining claims: (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to
water, whether or not the matters excepted under (a). (b) or (c) are shown by the public records.
(A/
AMERICAN LAND TITLE ASSOCIATION RESIDENTIAL TITLE INSURANCE POLICY (6-1-87)
EXCLUSIONS
In addition to the exceptions in Schedule B. you are not insured against loss, costs, attorney's fees and expenses resulting from:
1. Governmental police power, and the existence or violation of any law or government regulation. This includes building and zoning
ordinances and also laws and regulations concerning:
• land use • land division
• improvements on the land • environmental protection
This exclusion does not apply to the violations or the enforcement of these matters which appear in the public records at Policy Date.
This exclusion does not limit the zoning coverage described in Items 12 and 13 of Covered Title Risks.
2. The right to take the land by condemning it, unless:
• a notice of exercising the right appears in the public records on the Policy Date
• the taking happened prior to the Policy Date and is binding on you if you bought the land without knowing of the taking
3. Title Risks:
• that are created, allowed, or agreed to by you
• that are known to you. but not to us, on the Policy Date - unless they appeared in the public records
• that result in no loss to you
• that first affect your title after the Policy Date - this does not limit the labor and material lien coverage in Item 8 of Covered Title Risks
4. Failure to pay value for your title.
5. Lack of a right:
• to any land outside the area specifically described and referred to in item 3 of Schedule A, or
• in streets. alleys, or waterways that touch your land
This exclusion does not limit the access coverage in Item 5 of Covered Title Risks.
EXCEPTIONS FROM COVERAGE
In addition to the Exclusions, you are not insured against loss, costs, attorneys' fees and expenses resulting from:
1. Someone claiming an interest in your land by reason of:
A. Easements not shown in the public records
B. Boundary disputes not shown in the public records
C. Improvements owned by your neighbor placed on your land
2. If. in addition to a single family residence, your existing structure consists of one or more Additional Dwelling Units, Item 12 of Covered
Title Risks does not insure you against loss, costs. attorneys fees. and expenses resulting from:
A. The forced removal of any Additional Dwelling Unit, or.
B. The forced conversion of any Additional Dwelling Unit back to its original use,
if said Additional Dwelling Unit was either constructed or converted to use as a dwelling unit in violation of any law or government
regulation.
0
LIST OF PRINTED EXCEPTIONS AND EXCLUSIONS
CALIFORNIA LAND TITLE ASSOCIATION STANDARD COVERAGE POLICY - 1990
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or
expenses which arise by reason of:
1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting,
regulating, prohibiting or relating to O the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improvement
now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the
land is or was a part: or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except
to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation
affecting the land has been recorded in the public records at Date of Policy.
(b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or
encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from
coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge.
3. Defects, liens, encumbrances, adverse claims or other matters:
(a) whether or not recorded in the public records at Date of Policy, but created, suffered, assumed or agreed to by the insured claimant;
(b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to
the Company by the insured claimant prior to the date the insured claimant became an insured under this policy;
(c) resulting in no loss or damage to the insured claimant:
(d) attaching or created subsequent to Date of Policy; or
(a) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the insured mortgage or the estate or
interest insured by this policy.
4. Unenforceability of the lien of the insured mortgage because of the inability or failure of the insured at Date of Policy, or the inability or failure of
any subsequent owner of the indebtedness, to comply with applicable doing business laws of the state in which the land is situated.
5. Invalidity or unenforceability of the lien of the insured mortgage, or claim thereof. which arises out of the transaction evidenced by the insured
mortgage and is based upon usury or any consumer credit protection or truth -in -lending law.
6. Any claim, which arises out of the transaction vesting in the insured the estate or interest insured by this policy or the transaction creating the interest
of the insured lender, by reason of the operation of federal bankruptcy, state insolvency or similar creditors' rights laws.
EXCEPTIONS FROM COVERAGE
This policy does not insure against loss or damage (and the Company will not pay costs. attorneys' fees or expenses) which arise by reason of:
1 . Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or
by the public records.
Proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such
agency or by the public records.
2. Any facts, rights, interests or claims which are not shown by the public records but which could be ascertained by an inspection of the land or which may
be asserted by persons in possession thereof.
3. Easements, liens or encumbrances, or claims thereof, which are not shown by the public records.
4. Discrepancies, conflicts in boundary lines. shortage in area, encroachments, or any other facts which a correct survey would disclose, and which are
not shown by the public records.
5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to
water, whether or not the matters excepted under (a), (b) or (c) are shown by the public records.
Reorder Form No. 12599 (Rev. 2193)
Y��
EXHIBIT "D"
ITEM NO.
2
3
4
12
14
15
16
17
18
19
20
21
PERMITTED TITLE EXCEPTIONS
DESCRIPTION
Paid in full at Close of Escrow
Paid in full at Close of Escrow
Paid in full at Close of Escrow
Title Company will merge into Item #11
Title Company will merge into Item #13
Removed by Close of Escrow
Removed by Close of Escrow
Removed by Close of Escrow
Removed by Close of Escrow
Removed by Close of Escrow
Removed by Close of Escrow
Removed by Close of Escrow
f�
V
RECORDING REQUESTED BY: EXHIBIT "E"
LA QUINTA REDEVELOPMENT AGENCY
78-495 CALLE TAMPICO
LA QUINTA, CA 92253
WHEN RECORDED MAIL TO:
LA QUINTA REDEVELOPMENT AGENCY
48-495 CALLE TAMPICO
LA QUINTA, CA 92253
GRANT DEED Documentary Transfer Tax $0.00
FREE RECORDING REQUESTED
Essential to Acquisition by the La Quinta Redevelopment Agency, California
See Govt. Code 6103
FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, STAMKO DEVELOPMENT CO, A LIMITED
PARTNERSHIP
hereby GRANT(S) to the LA QUINTA REDEVELOPMENT AGENCY, A PUBLIC BODY, CORPORATE AND POLITIC
all right, title and interest in and to the real property and all right, title and interest in and to the improvements pertaining to the realty which
are attached or affixed in any manner to the following described real property (Exhibit "A") specifically including, but not limited to the items
in Exhibit "B", 'Improvements pertaining to the Realty" (fixtures and equipment), attached hereto and by this reference made a part hereof,
which either generally or for purposes- of this deed are part of those parcels of real property in the City of La Quinta, County of Riverside,
State of California, as described as follows:
SEE EXHIBITS "A" AND "B" ATTACHED HERETO AND
BY THIS REFERENCE MADE A PART HEREOF
Grantor for himself, his heirs, representatives and assigns covenants and warrants that: 1) Grantor is the sole owner of the itemized
Improvement Pertaining to the Realty conveyed by this Grant Deed free from all liens and encumbrances, and 2) Grantor will defend the title
and quiet enjoyment of the real property described above, including all Improvements Pertaining to the Realty, against all demands and
claims of all persons.
Date:
State of California)
County of
STAMKO DEVELOPMENT CO., A LIMITED PARTNERSHIP
BY: ITS GENERAL PARTNER, KESTAM CORP., A CALIFORNIA
CORPORATION
BY:
CHRISTINE F. CLARKE, PRESIDENT
On before me,
personally appeared
❑ personally known to me or ❑ proved to me on the basis of satisfactory evidence
to be the person(s) whose name(s) is/are subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their authorized
capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or
the entity upon behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal. (SEAL)
Signature:
CAPACITY CLAIMED BY SIGNER
❑ INDIVIDUALS
❑ CORPORATE OFFICER(S
❑ PARTNERS
❑ ATTORNEY -IN -FACT
❑ TRUSTEE(S)
❑ SUBSCRIBING WITNESS
❑ GUARDIAN/CONSERVATOR
❑ OTHER:
SIGNER IS REPRESENTING:
(Name Of Person(s) Or Entities)
Print Name Commission
EXHIBIT "F"
Non -Foreign Transferor Declaration
Section 1445 of the Internal Revenue Code of 1954, as amended ("Code"), provides that a
transferee of a U.S. real property interest must withhold tax if the transferor is a foreign person. To
inform the transferee that withholding of tax is not required upon the disposition of a U.S. real
property interest by Stamko Development Co., A Limited Partnership, the undersigned hereby
certifies the following:
1. The Transferor is not a foreign corporation, foreign partnership, foreign trust, or
foreign estate (as those terms are defined in the Code and the Income Tax Regulations promulgated
thereunder), -
2
0
The Tr sferor's S. employer identification number or social security number is
��� ; and
T ran) ero offi address or mai li `addr s i111,71
s
i
The Transferor understands that this Certification may be disclosed to the Internal Revenue
Service by the Transferee and that any false statement contained herein could be punished by fine,
imprisonment, or both.
Under penalty of perjury we declare that we have examined this Certification and to the
best of our knowledge and belief it is true, correct, and complete, and further declare that we have
authority to sign this document on behalf of the Transferor.
4
EXHIBIT "G"
DEED ACCEPTANCE
This is to certify that the interest in real property conveyed by the Grant Deed dated
1995 from Stamko Development Co., A Limited Partnership
("Grantor(s)"), to the La Quinta Redevelopment Agency, a public body corporate and politic (the
"Agency"), is hereby accepted by the undersigned officer of Agency on behalf of the Agency on
pursuant to authority conferred by Resolution No.
and the Agency as Grantee consents to recordation thereof by its duly
authorized officer.
Dated:
LA QUINTA REDEVELOPMENT AGENCY, a
public body corporate and politic
M.
Executive Director
R() S G N () W C P P. V ,1 C" I K L* K O k' P t N C.
Via Hand Delivery
DATE: July 18, 1995
TO: Jerry Herman, Assistant Executive Director (For Disposition)
Tom Genovese, Executive Director
Sandra Juhola, Agency Secretary
Dawn Honeywell, Agency Counsel
LA QUINTA REDEVELOPMENT AGENCY
FROM: John N. Yonai, RSG4
SUBJECT: PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS
ADAMS STREET & 48TH AVENUE - CLARKE/STAMKO
Enclosed for your review and approval as to form please find the following documents:
Purchase Agreement and Escrow Instructions (the "Agreement'). I have reviewed the
documents, and I am satisfied that we are prepared to move forward with the execution of these
documents by the La Quinta Redevelopment Agency.
Agency Counsel - Your signature is required on the Agreement where tabbed in red.
Agency Secretary - Your signature is required on the Agreement where tabbed in green.
Agency Executive Director - Your signature is required on the Agreement where tabbed in
yellow.
Upon your review and execution of the documents, please return three (3) copies of these
documents to my office in Santa Ana and retain one (1) copy for the Agency files. I will arrange
to deliver original copies to the Seller and open escrow.
Should you have any questions, please contact me as soon as possible.
Enclosures
540 North Golden Circle, Suite 305, Santa Ana, CA 92705-3914, Telephone 714/541-4585, Fax 714/836-1748, San Diego 619/967-6462
lequinta\purchmem
Jun
Tit�t 1I/I�ri 44P Qumm
78-495 CALLE TAMPICO — LA QUINTA, CALIFORNIA 92253 - (619) 777-7000
FAX (619) 777-7101
July 26, 1995
John Yonai
Rosenow Spevacek Group, Inc.
540 North golden Circle, Suite 305
Santa Ana, California 92705-3914
Dear John:
Please find enclosed, three fully executed copies of the agreement for purchase and sale of real
property by and between Stamko Development and the La Quints Redevelopment Agency. I
have retained one fully executed copy for my filed.
E
NDRA L. JUHOLA, City Clerk
of La Quinta, California
5�1
MAILING ADDRESS - P.O. BOX 1504 - LA QUINTA, CALIFORNIA 92253 ��-