2002-609376 '._EOOR INGREOUESTEDR¥ D00 2002--06093%
Fidelity National Title Company
Escrow No. 4305504-TS 01,3698 JUL 19 2002
Title Order No. 00913334
When Recorded Mail Document ~FICI~ ~
and Tax Statement To: ~ DIE~ ~Y ~R'S OFFICE
Kerry Miller ~Y L ~ITN, COUN~
505 South Vulcan AVe. FEE~: 0.~
APN: 216-110-14 SPACE ABOVE TH~S LINE FOR RECORDER'~ USE
GRANT DEED
The undersigned grantor(s) declare(s)
Documentary transfer tax is ~
[ X ] computed on full value of prope~y conveyed, or
[ ] computed on full value less value of liens or encumbrances remaining at time of sale,
[ ] Unincorporated Area City of Encinitas
FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, Frederick L. Snedeker and Joyce
Snedeker, husband and wife, as community prope~y
hereby GRANT(S) to City Of E n c i n i t a s
the following described real prope~y in the City of E n ci n i t a s
County of San Diego, State of California:
SEE EXHIBIT ONE A~ACHED HERETO AND MADE A PART HEREOF
DATED: May 1, 2002
COUNTY OF ~ Ot"~ _,
ON ~-0~ before me, ~rick L -S~de~er ~ ' '
~ ~ ~_~ ~ personally appeared
~ ~ ~ [ ~ ~.~ ~L~ e $nedeker
personally k~own 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 ~ ~u~
same in his/her/their authorized capacity(les), 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.
THE CITY OF ENCINITAS HEREBY ACCEPTS THIS LEGAL DESCRIPTION ATTACH~H[RETO
MAIL TAX STATEMENTS AS DIRECTED ABOVE.[
FD-213 (Rev 7/9G) GRANT DEED
43o o4- ' 01.3699
T~:e Order No. 00013334
EXHIBIT ONE
That portion of the Southwest Quarter of the Southeast Quarter, in Section 34, Township 12 South, Range 4 West,
San Bernardino Meridian, in the County of San Diego, State of California, according to the Official Plat thereof, lying
Westerly of the center line of the County Road as shown on Map of County Road Survey No. 1317, a Plat of which
is on file in the Office of the County Surveyor of said San Diego County.
· ' 01 ?00
OALIFOI~NI~ ~LL-PUFiPOSE ACKIqOWLI:DOMI~IqT
State of California
County ef j, ss.
OnL'~J/l// /~.~)(~¢~ . before me2~.,l/,9~'
~/¢ v / Dal'e Name and Tilde of Officer (eg, "Jane Doe, Notary Public")
personally appeared ~, ~ ~..
Name(s) of Signer(s)
~,~ersonally known to
me
[] proved to me on the basis of satisfactory
~,~NRo~A~N~vD_A G, MILLJOUR/ to be the person(s) whose name(s)~re
n:~...~ u'~,¥..P.UBLIC-CALIFORNiA~ subscribed to the withi,.~instrument and
~.'.,~,',~.~.7/ ~.,~M. NO. 1204250 ~. acknowledged to m" *~' ~'~/"'~'e~the-
~ ~-~"'~" SAN DIEGO COUNTY
executed
· 'q~i~/ u~co~.~.~ the same in hi(._~er/their~ht'a~" ~ Y~04~thorized
.......... capacity(ies), and that by i~_.~er/their
si§nature(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.
O~TIONAt
Though tho information below is not roqoiro~ by Iow, it ma~ prove ualuabla to persons rol¥in~ on
on~ co~ld pro~ent ~raudulont romowl and ro~ttochmont o~ this ~orm to onothor ~oc~mont.
of Attached Document
Title
Document Date: Nun ges:
Signer(s)
Capacit¥{ies) Claimed by $i~nar
Signer's Name:
[] Individual Top of thumb here
[] Corporate Officer-- Title(s):
[] Partner-- [] Limited []
[] Attorney in Fact
[] Trustee
~ [] Other:
~g'ner Is Representing:
JUL. 18. 2882 '=: .~,~:~ CITY ~EHCIHITRS HO. ~94 P. 2/6
' SUL. lB. ~Z~ 3: ~PM CITY :IMITR$
obli~ ions c~ widtin this setttc~nt and release ~ccment shall not affect or
canc~ any presently un,norm aucl unan~cil~l future claims fo~ in~e~,~ca~ion by
a~Yl~ f s~lnst the other that may aflse ~ut of ft~ure actions bY ~hi~ part'cs which are
based ~n obh'~ions arisin~ out of the c~cctive da~e hereof and which accrue and a~ise
at~ t~ ~ eff~'~e date hereof or oblil~(ms mbeed to t~e iai'eeme~
ava~labl~ ? ~/
~e Parties, and each of them, hereby declare and rel~escnt ~J~at they are effcct~n~
this s~ dement and executin~ this S~,ttleme~; and Release Agreement afte~ h~vin~
xcceivc I an ol~rtunitY for legal advice as ~o their lel~l rights.
-. 3JL. 18. ~ 3: 45PM CITY ~EHCIH'rTRS NO. 594 P. A/6
7. Co~t~ and A~ornevs' Fees
The Par~es agrec ~a~ each of Ruin shall be ~e~mmib~e for paying dmir
snd a~nc~' fees, with ~e~pect to all aspects o~e A~em~ smi any
corn a~' fees incurred in conuection with dmalng sad ~,xec~._'_n_~ rids
Rece~.vecl: 711e/Og 4: ~BPM~ NO.~cj4 i~. 5/.~
.,, j"LL. :1.8, ~'~ 3: 45PM C'rTY ~NCIMI'TRS
any ~ covemm~, condition or provision of this Settlemen~ s,d
s held to be ~ void or unrnforc~able, the rema/uder h~reof shall
and ~[bct and shall in no way be affected, iml~red or invali ,d~
stedteme~t and Release Agreement co~titutes ~e entire agreem~t
of the Patties with ~espect t~ the subject rustier contldsv~
lqo ]~1(~nce ou
~ hereto aoknowledg~s that h~ or it is enraging i~ this 8e~lemen! and
on his or i~s ov,n snslysi% review snd investigation s~l is'not ~elying
on any: ~ suy other par~y to lhe actio~-
u~ersi~ed i,~dlvidtmls si?in:~ this ~e{ile. m~nt s~t Release Agrcame~
deliver' ~ behalf of t~_mselw, s or on.b~alf of ~ respective mtilies.
: a~d Release Agreement may b~ ~xecut~d and delivered in
each whioh so execulzd sad gelivered shall b~ ~u origlnsl, but such
col~gtu~ bu~ one and ~ sam~ ~ and agreemen~
R ece :t~'ecl t 7/1~/02 '~: ~OI='M; H0.594 p,6/6
· '"$U~. 180 ~;~ 3: 46Ptl C'rTY (~-HC'rN~TRS
Data/; e)-/P ,20~_
, ~o._.
Cigr
04/~6/2002 15:48 0000000000 SDMC PAGE 82
SETTLEMENT AGREEMENT
This Ag~ ',ement dated August 10, 2001 is entered into voluntarily by
Phil Silverman/' amara Fedorka, Pauline Jordan, John Guidish (Escrowholders) and
Fred/Joyce Sne~ geker (Sellers) and the City of Encinitas (Buyers). The following
embodies the eon bined understandings reached by the parties at the July 25, 2001 and
August 9, 20 )1 mediation sessions. The parties hereby agree to the following:
1. Silvernaan/Fe~ orka agree to accept $60k, Jordan to accept $37,500 and Guidish to
accept $32,5C 3 in exchange for any interest in the current escrows for the property
owned by She deker.
2. City has agree ~ to pay up to $620,000 to all partJe.e i~wolved including construction
claims.
3. Fred/Joyce ag tee to accept $480,000 for the sale of their property. In the event that
Caltran's api raisal exceeds $620,000, the City agrees to pay Fred/Joyce the
difference bet ¢¢een the appraisal value and the $620,000.
4. A_ Fred/Joyc; understand that the following are contingencies of this sale:
1. City Council Approval
2. Caltrans Certified Appraisal - 3 months
3. Phase I - Environmental Assessment
4. Risk Assessment of any alleged contractual billing
B. All sales :osts of the new purchase escrow will be paid by the City.
C. Although the Phase I approval is a contingency of the sale, Fred/Joyce in no
event will be required to correct any deficiencies discovered as a condition of
the sale.
D. City wil look into the issues and facilitate the processing of a minor use
permit for the Snedeckers.
5. All parties w ill provide a waiver & release of all claims known and unknown
against all otl ~er parties. Each party agrees to execute a CC Section 1542 waiver
and release.
6. If the trar saction is not completed by April 30, 2002, all parties are released
from any tnd all obligations under this AgreemenL
7. All part/cs agree to cxccutc further documents as nc~lcd including dc. ds,
canccllatio: instructions (on first escrow) and escrow instructions.
8. The City ~ notify the parties of progress with the appraisal and Caltrans.
9. The origin,' 1 escrows will be terminated and be null and void and of no further
effect (Fid ,'lity Title #300830-8MF and 300829-Smf) concurrently with the
completion of the new escrow.
10. All patties agree this document is to be a legally binding contract and by
affixing ye ar signature below you signify that you have read and understand
the content ~ of this Agreement and will be bound by its content,
WE ALSO AGRi ~E THAT SAN DIEGO MEDIATION CENTER WILL KEEP
CONFIDENTIAL ALL STATEMENTS MADE DURING THE MEDIATION
SESSION AND FHAT WE SHALL NOT SUBPOENA THE MEDIATOR(S),
STAFF, OR AN'~ SAN DIEGO MEDIATION CENTER DOCUMENTS IN ANY
SUBSEQUENT L] ~GAL PROCEEDINGS.
Sellers:
Fred Snedecker loyce Snedecker
/~ ,~_~f~Escrow~holders: ~
Phil $ilverman Tamara Fedorka
Pauline Jordan John Guidish
Buyer: City of Eno initas
Kerry Miller, City i ~lanager Dennis Holz, Mayor
2
04/16/2002 07:20 0000000000 SDMC PAGE 03
7. All parties agree to execute further documents as needed including deeds,
cancellafi instructions (on first escrow) and escrow instructions.
8. The City' 11 notify the parties of progress with the appraisal and Caitrans.
9. The origdn: .1 escrows will be terminated and be null and void and of no further
effect (Fid ,qity Title #300830-SMF and 300829-Smf) concurrently with the
completio~ of the new escrow.
10. All pattie,, agree this document is to be a legally binding contract and by
affixing yc ur signature below you signify that you have read and understand
the content ~ of this Agreement and will be bound by its content.
WE ALSO AGREE THAT SAN DIEGO MEDIATION CENT. ER WILL KEEP
CONFIDENTIAL ALL STATEMENTS MADE DURING THE MEDIATION
SESSION AND tHAT WE SHALL NOT SUBPOENA THE MEDIATOR(S),
STAFF, OR AN~ SAN DIEGO MEDIATION CENTER DOCUMENTS iN ANY
SUBSEQUENT L ~GAL PROCEEDINGS.
Sellers:
Fred Snedecker Joyce Snedecker
Escrow holders:
Phil Silverman Tamara Fedorka
Jo~da~ f JohrfG~i~lish
Buyer: City of Em initas
Kerry Miller, City vlenager Dennis Holz, Mayor
2
~0~/~6/~00~ 07:~0 000000~000 S~MC ~AGE 0~
7. All partie~ agree to execute further documents as needed including deeds, ·
cancellatio ~ instructions (on first escrow) and escrow instructions.
8. The City a ill notify the parties of progress with the appraisal and Caltrans.
9. The origin; ~1 escrows will be terminated and be null and void and of no further
effect (Fid ~ty Title #300830-SMF and 300829-Smf) concurrently with the
completior of the new escrow.
10. All parties agree tiffs document is to be a legally binding contract and by
affixing ye ur signature below you signify that you have read and understand
the content of this Agreement and will be bound by its content.
WE ALSO AGR iE THAT SAN DIEGO MEDIATION CENTER WILL KEEP
CONFIDENTIAL ALL STATEMENTS MADE DURINO THE MEDiATION
SESSION AND ]?HAT WE SHALL NOT SUBPOENA THE MEDIATOR(S),
STAFF, OR ANS-SAN DIEGO MEDIATION CENTER DOCUMENTS IN ANY
SUBSEQUENT L~ 5GAL PROCEEDINGS.
Sellers:
Fred Snedecker Joyce Snedecker
Escrow holders:
Phil Silverman Tamara Fedorka
Pauline Jordan John Guidish
Buyer: City of
04/25/2002 ~3~50 0000000000 SDHC PAGE: 03
7. All partie agree to execute f~rther documents as needed including deeds,
cancellatic a instructions (on first escrow) and escrow instructions.
8. The City · 'ill notify the parties of progress with the appraisal and Caltrans.
9. The origin xl escrows will be temfinated and be null and void and of no f~rther
effect (Fit elity Title #300830-SMF and 300829-Smf) concurrently with the
completic ~ of the new escrow.
10. All parti~: agree this document is to be a legally binding contract and by
affixing ~ ~ur signature below you signify that you have read and understand
the contex s of this Agreement and will be bound by its content.
WE ALSO AG] EE THAT SAN DIEGO MEDIATION CENTER WILL KEEP
CONFIDENTIAl, ALL STATEMENTS MADE DURING THE MEDIATION
SESSION AND THAT WE SHALL NOT SUBPOENA THE MEDIATOR(S),
STAFF, OR AN Y SAN DIEGO MEDIATION CENTER DOCUMENTS IN ANY
SUBSEQUENT ] ,EGAL PROCEEDINGS.
Sellers:
~ ' Joy~ ~nedeckcr
Escrow holders:
Phil Silvennan Tamara Fedorka
Pauline Jordan John Guidish
Buyer: City of El tcinitas
Kerry Miller, Citl Manager Dennis Holz, Mayor
2
FREE RECORDING REQUESTED
PURSUANT TO GOV. CODE
SECTION 27383
Recording Requested By: )
)
City Clerk )
City of Encinitas )
505 S. Vulcan Avenue )
Encinitas, CA 92024 )
)
When Recorded Mail To: )
)
City Clerk )
City of Encinitas )
505 S. Vulcan Avenue )
Encinitas, CA 92024 ) SPACE ABOVE FOR RECORDER'S USE
PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS
This PURCHASE AND SALE AGREEMENT AND JOINT ESCROW
INSTRUCTIONS ("Agreement") is entered into as of this date April 25, 2002,
("Effective Date"), by and between THE CITY OF ENCINITAS, a California municipal
corporation, as buyer ("Buyer"), and Frederick L. Snedeker and Joyce M. Sncdeker, as
individuals, as seller ("Seller"), with reference to the following facts:
RECITALS
A. Seller is the owner of the real property described in Exhibit "A" attached
hereto(the "Property").
B. Buyer desires to purchase the Property from Seller for the price and under the
terms and conditions specified herein.
C. This agreement constitutes a purchase and sale agreement and joint escrow
instructions to the Escrow Agent identified herein.
NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows:
ARTICLE 1
PURCHASE PRICE
1.1 Purchase Price. The total purchase which Buyer agrees to pay and Seller agrees to
accept for the Property (" Purchase Price") shall be Eight Hundred Twenty Five
Thousand dollars ($825,000).
1.2 Deductions from Seller's Proceeds. The Escrow Agent identified in Article 2
hereof shall deduct from the proceeds payable to Seller at Close of Escrow (as
defined in section 2.4) any amount necessary to satisfy:
(a) Any delinquent taxes, together with penalties and interest thereon, and any
delinquent assessments or bonds.
(b) Seller's share of taxes and assessments owed by the Seller for the
assessment year in which the escrow closes, if unpaid at Close of Escrow.
(c) Demands of mortgagees and trustees in accordance with conditions of notes and
other obligations secured by mortgages and deeds of trust.
(d) Demands, including charges and costs, of any other lien holders of record,
including creditors with recorded abstracts of judgment.
1.3 Payment of Purchase Price. The Purchase Price shall be paid by Buyer delivering
the Purchase Price to Escrow Agent in cash, by wire transfer, no later than the date
scheduled for the Close of Escrow.
ARTICLE 2
ESCROW
2.1 Escrow Agent. Fidelity National Title, whose address is 191 North E1 Camino Real,
Suite 204, Encinitas, California, 92024 ("Escrow Agent") is designated, authorized
and instructed to act as Escrow Agent pursuant to the terms of this Agreement.
2.2 Opening of Escrow. The opening of escrow shall be the same day that both parties
have executed this Agreement or as soon thereafter as possible as the parties may
mutually agree ("Opening of Escrow"). Escrow Agent shall acknowledge the date
of Opening of Escrow and its agreement to act as the Escrow Agent hereunder by:
(a) executing the Consent of Escrow Agent ("Consent") attached hereto as Exhibit
"B", and (b) promptly delivering a copy of the executed consent to Seller and Buyer.
2.3 Escrow Instructions. This Agreement shall constitute initial escrow instructions to
Escrow Agent. The parties shall execute a copy of Escrow Agent's general
conditions and any additional escrow instructions reasonably required by Escrow
Agent to consummate the transaction provided for herein after Opening of Escrow;
provided, however, such additional escrow instructions shall not modify the
2
provisions of this Agreement, unless such instructions: (a) state the modifications
in full, and (b) are signed by the parties. In the event of any conflict between the
terms of this Agreement and the terms of Escrow Agent's general conditions, the
terms of this Agreement shall prevail.
2.4 Close of Escrow_. "Close of Escrow" means the date Escrow Agent, pursuant to the
terms, covenants and conditions of this Agreement, records the grant deed ("Grant
Deed") to the Property in favor of Buyer and delivers the Purchase Price ( less
applicable charges and adjustments) to Seller. The form of the Grant Deed which
Seller shall execute and deliver to Buyer is attached hereto as Exhibit "C'. Close of
Escrow shall close on a date specified by Buyer, which shall be no later than 60 days
following the Opening of Escrow, except that (i) Buyer shall have five (5) days
advance notice from Escrow Agent before it shall be required to deposit the Purchase
Price into Escrow, and (ii) the Close of Escrow may be extended, at no cost to Buyer,
as a result of delays caused by any act or omission of Seller, or extended by mutual
agreement of the parties in order for either party to comply with any remaining
conditions precedent to close, or as otherwise specifically provided for in this
Agreement.
2.5 Deliveries to Escrow. Each party shall timely deliver to Escrow the funds and
documents and a~icles required to complete Close of Escrow under the terms of this
Agreement by the Closing Date. Without limiting the generality of the foregoing, the
parties shall deliver to Escrow the following funds and documents:
2.5.1 Seller's Deliveries. Seller shall deliver or cause to be delivered to Escrow Agent:
(a) The Grant Deed conveying the Property to Buyer, duly executed and
acknowledged by each individual or entity comprising Seller, in
recordable form; and
(b) An affidavit in the form attached hereto as Exhibit "D", duly executed
under penalty of perjury by each of the individuals or entities comprising
Seller, to the effect that signatories are not a" foreign person" as required
by Internal Revenue Code Section 1445.
(c) Any and all additional documents which may be necessary to transfer title
to the Property to Buyer as specified in this Agreement.
2.5.2 Buyer's Deliveries. Buyer shall deliver or cause to be delivered to Escrow Agent:
(a) Cash in the amount of the Purchase Price, plus such additional sums as
are required of Buyer under this Agreement for prorations, expenses and
adjustments. Such amounts shall be deposited by Buyer with Escrow
Agent by wire transfer.
3
2.6 Completion of Documents. Escrow Agent is authorized to complete the documents
deposited by the parties into Escrow, when appropriate and consistent with this
Agreement.
2.7 Prorations, Escrow Fees and Costs.
2.7.1 Prorations. Real estate taxes and assessments, based upon the latest information
available in the office of the taxing and/or assessing authority, shall be prorated in
Escrow, as of the date of Close of Escrow. All prorations shall be made on the
basis of a 30 day month and a 365 day year, unless the parties otherwise agree in
writing. All taxes due and payable to the date of Close of Escrow are to be paid
directly to the Office of the San Diego County Tax Collector.
2.7.2 Buyers' Payments. Buyer shall pay the following: (1) the San Diego County
Documentary transfer tax, if any, in the amount Escrow Agent determines to be
required by law; (2) Escrow Agent's escrow fee; (3) the cost ofa C.L.T.A. Title
Insurance Policy ("Title Policy") as described in Section 3.2 herein; (4) other
Seller related charges and expenses, in accordance with the customary practices of
Escrow Agent; and (5) other buyer's charges and expenses, in accordance with
the customary practices of Escrow Agent.
2.7.3 Seller's Payments. Seller shall pay all operating expenses for the Property, if
applicable, prior to the Close of Escrow, including, but not limited to, insurance,
utilities, interest on encumbrances, taxes and maintenance costs.
2.7.4 Default. Notwithstanding the foregoing, in the event of a default by Buyer or
Seller under the terms of this Agreement, all cancellation and other escrow
charges shall be paid by the defaulting party.
2.8 Existing Encumbrances. Escrow Agent is authorized to secure beneficiary demands
and requests for reconveyance for those monetary liens which are not "Permitted
Exceptions" pursuant to Section 3.2. Seller has the right to approve all demands and
statements described in this Section, but approval shall not be unreasonably withheld
or delayed.
2.9 Distribution of Funds and Documents. At Close of Escrow, escrow Agent shall
perform the following:
2.9.1 Payment of Encumbrances. Pay the amount of those monetary liens which are not
Permitted Exceptions to the obligees thereof, in accordance with the demands
approved by Seller, utilizing funds to which Seller shall be entitled upon close of
Escrow and funds (if any) deposited by Seller.
2.9.2 Recordation of Documents. Submit to the County Recorder of San Diego County
the Grant Deed for the Property and any other document to be recorded under the
terms of this Agreement or by general usage, and after recordation, cause the
4
County Recorder to mail the Grant Deed to the Buyer, and any other document
recorded pursuant hereto, to that person acquiring rights thereunder for whose
benefit said document was recorded.
2.9.3 Non-recorded Documents. Deliver by United States mail (or hold for personal
pickup, if requested): (1) the Title Policy to Buyer; and (2) each other non-recorded
document received hereunder to the payee or person acquiring rights thereunder or
for whose benefit said document was acquired.
2.9.4 Distribution of Funds. Deliver by United States mail (or as otherwise instructed by
the receiving party); (1) to Seller, or order, the cash portion of the Purchase Price,
adjusted for charges, credits and debits provided for herein; and (2) to Buyer, or
order, any excess funds delivered to escrow Agent by Buyer.
ARTICLE 3
TITLE MATTERS
3,1 Preliminary Title Report.
3.1.1 Delivery to Buyer. Buyer has received a Preliminary Title Report Order No.
98037484, dated as of April 10, 1998, ("PR") issued by Fidelity National Title
Company ("Title Insurer") reflecting the status of title to the Property.
3.1.2 Approval of Condition of Title. Buyer hereby approves the condition of title to
the Property, as reflected in the PR, except for matters which may later be
reported by Buyer as exceptions to the PR, which exceptions Seller shall remove
at or prior to Close of Escrow.
3.1.3 Amendment of PR. If the PR is amended by the Title Insurer after Buyer's
approval of the condition of title to include any new exception ("New
Exception"), then Buyer may elect, at any time prior to Close of Escrow, to either
(i) waive any objection it may have to such New Exceptions and accept title to the
Property subject to such New Exceptions; or (ii) terminate this Agreement.
3.2 Title Insurance. Escrow Agent shall cause the Title Insurer to have issued, or be
committed to issue, as of the Closing Date, a standard form C.L.T.A. Title Insurance
Policy ("Tide Policy") insuring Buyer's title to the property in the amount of the
Purchase Price, subject only to the following permitted exceptions ("Permitted
Exceptions"): (a) the matters set forth in the PR and approved by Buyer pursuant to
Section 3.1; (b) any other matters approved in writing by Buyer; (c) matters
excepted or excluded from coverage by the printed terms of the Title Policy's
standard form.
5
ARTICLE 4
CONDITIONS TO CLOSE OF ESCROW
4.1 Conditions to Close of Escrow for Benefit of Buyer. Close of Escrow shall be
subject to satisfaction or waiver of each of the following conditions precedent for
the benefit of Buyer:
(a) Buyer's receipt of grant funds in the amount of Seven Hundred Twenty Six
Thousand dollars ($726,000) from CALTRANS which Buyer intends to use for
the purchase of the Property.
(b) The Title Insurer's written agreement to issue, or issuance of, the Title Policy
described in Section 3.2, subject only to the Permitted Exceptions.
(c) The continued accuracy of the representations and warranties of Seller set forth
in Article 5.
(d) CALTRANS review and written approval of the (1) appraisal review report; (2)
appraisal; and (3) this Purchase and Sale Agreement and Joint Escrow
Instructions in its executed form.
(e) Seller shall execute and perform Seller's obligations pursuant to a settlement
agreement dated August 10, 2001 embodying the combined understandings
reached at the July 25, 2001, and August 9, 2001, mediation sessions
("Mediation Settlement Agreement"). Seller shall execute the Mediation
Settlement Agreement no later than the date of the execution of this Purchase
and Sale Agreement and Joint Escrow Instructions.
(f) Seller shall execute and deliver to Escrow Agent the IRS required affidavit
attached as Exhibit "D".
4.2 Conditions to Close of Escrow for Benefit of Seller. Seller shall have obtained
approval from Buyer of Minor Use Permit Application No. M1N 99-255.
4.3 Conditions to Close of Escrow for Mutual Benefit. Close of Escrow shall be subject
to satisfaction or waiver of each of the following conditions precedent for the
mutual benefit of the parties:
(a) Seller and Buyer shall execute a Settlement and General Release Agreement no
later than Close of Escrow obligating the respective parties to do the following:
Provide a mutual waiver and release of all claims known and unknown
related to the Property, excepting claims and causes of action related to
Hazardous Substances Laws; Title warranties and representations related to
the Property; and Buyer's inspection activities related to the Property as
described in section 6.1 of this Agreement.
4.4 Waiver of Conditions. Any party may waive, in writing, any or all of the conditions
specified for its respective benefit. Conditions which mutually benefit the parties
may only be waived by mutual express written agreement of the parties.
4.5 Failure of Conditions. If any of the foregoing conditions is neither satisfied nor
waived by Close of Escrow, any benefiting party may immediately terminate this
Agreement and the Escrow by giving written notice of termination to Seller and
Escrow Agent. Such termination shall not limit any other legal rights and remedies
available to the terminating party if the failure of conditions is the result of the other
party.
ARTICLE 5
REPRESENTATIONS AND WARRANTIES
5.1 Seller's Representations and Warranties. Seller agrees, represents and warrants, as
of the date of execution of this Agreement, and as of Close of Escrow, that it shall
indemnify, hold harmless and defend Buyer from and against any and all liens,
claims, liabilities, losses, damages, costs, expenses, suits, or judgments for labor
performed or materials furnished to or for Seller, or for injuries to persons or
property damage, arising out of any accident or occurrence connected with Seller.
5.2 Authority. Seller has full legal right, power and authority to execute and fully
perform its obligations nnder this Agreement, without the need for any further
action; and the persons executing this Agreement and other documents required
hereunder on behalf of Seller are the only persons required to execute such
documents to legally effect the transactions contemplated hereby and are fully
authorized to do so. Concurrently with execution of this Agreement, Seller shall
deliver to Buyer written evidence verifying that the persons executing this
agreement have the authority to execute all documents and grant all approvals
required in connection with Seller's performance under this Agreement.
5.3 Title Matters. Following the Effective Date of this Agreement, Seller shall not
create, or permit the creation of, any exceptions to title to the Property, without
Buyer's prior written consent, which shall not be unreasonably withheld.
5.4 Claims and Litigation. To the best of Seller's knowledge, there is no pending
litigation, proceeding or governmental investigation relating to the Property, and
Seller has no knowledge of any material basis for any such claim, litigation
proceeding or governmental investigation.
5.5 Governmental Regulations. Seller has received no notice of violation of any
applicable zoning regulation or ordinance or other law, order, ordinance; rule,
regulation, code or requirement affecting or relating to the construction, use, or
occupancy of the Property (collectively "Governmental Regulations"), nor any
notice of violation of any covenant, condition or restriction affecting the Property.
To the best of Seller's knowledge, Seller and the Property are in material
7
compliance with any such Governmental Regulations and related covenants,
conditions and restrictions.
5.6 Condemnation. There is no pending or, to the best of Seller's knowledge,
contemplated condemnation of the Property, or any part thereof.
5.7 Improvement Obligations. Seller has made no commitment to any governmental or
quasi-governmental entity, or to any other person or entity, which relates to the
Property and imposes upon Seller or the successors or assigns of Seller, any
obligation to pay or contribute property or money to construct, install or maintain
any improvements on, off, or related to the Property. No such commitment shall be
made by Seller following the effective date of this Agreement without Buyer's prior
written consent. Additionally, Seller shall not approve or make any improvements
to the Property without the express written consent of Buyer.
5.8 No New Easements. Seller warrants that it has not granted any easements on the
Property and shall not grant or reserve any easements on the Property after the
Effective Date of this Agreement.
5.9 Hazardous Substances.
(a) To the best of Seller's knowledge: (1) no Hazardous Substances (as defined
herein) have been generated, treated, stored, deposited, disposed of or released on the
Property, or within any surface or subsurface waters thereof; (2) no underground tanks
have been located on the Property; and (3) there are no substances or conditions in or on
the Property which may support a claim, cause of action or liability for Seller or Buyer or
any third party under any Hazardous Substances Laws (as defined herein).
(b) As used herein, "Hazardous Substances Laws" means any and all federal,
state or local laws, ordinances, rules, regulations, decrees, orders, or court decisions
relating to Hazardous Substances under or about the Property, or soil or groundwater
including but not limited to, Title 40, Sections 261.1 et seq. of the Code of Federal
Regulations, Title 22, Sections 66261.1 of the California Code of Regulations, the
Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA'),
42 U.S.C. Section 9601 et seq., the Resource Conservation and Recovery Act
("RCRA"), 42 U.S.C. Section 6901 et seq., the Hazardous Materials Transportation Act,
49 U.S.C. Section 1801 et seq., the Clean Water Act (33 U.S.C. Section 1251 et seq., and
California Health and Safety Code Sections 25300 et seq., and 25100 et seq.
(c) As used herein, "Hazardous Substances" means any substance which is
regulated under the Hazardous Subs~nces Laws.
(d) Seller agrees to immediately notify Buyer of any leaks, spills, dumping or
unsafe conditions on the Property due to Hazardous Substances which occurs after the
execution of this Agreement and before Close of Escrow. Seller shall have the sole
responsibility to immediately and adequately clean up any such leaks, spills, dumping or
unsafe conditions in accordance with the Hazardous Substances Laws.
(e) Seller agrees to defend, indemnify, and hold harmless Buyer and its elected
officials, officers, employees and agents from any and all liabilities, claims, demands,
causes of action, losses, penalties, damages, and costs, including costs of defense, arising
out of, or in any manner connected to, Hazardous Substances which existed in, on or
under the Property prior to Close of Escrow.
5.10 Material Facts. No representation or warranty made by Seller contains any nntme
statement of a material fact, or omits a material fact necessary to make such
statements not misleading.
5.11 Survival of Representations. The representations provided by Seller in Article 5
shall be true as of Close of Escrow, delivery of the Grant Deed to Buyer, and
thereafter.
ARTICLE 6
PROPERTY REVIEW, INSPECTION AND POSSESSION
6.1 Inspection and Due Diligence Period. For purposes of this Agreement, the "Due
Diligence Period" shall commence as of the Opening of Escrow and shall continue
for 45 consecutive calendar days thereafter. During the Due Diligence Period,
Buyer shall:
(a) have the opportunity to inspect the Property, examine Seller's records regarding
the Property, and review any and all items and information as Buyer may deem
necessary in order to determine whether the Property is appropriate for Buyer's
purposes;
(b) enter upon the Property, and conduct such reasonable inspections, reviews,
studies, examinations and tests, including but not limited to, testing related to
soils, compaction or Hazardous Substances ( as defined in Section 5.9 (c))
(collectively "Tests") as Buyer deems necessary or desirable in order to
investigate the physical condition of the Property, at Buyer's sole expense, after
prior written notice to Seller. If Buyer does not acquire the Property, all
information obtained by Buyer from such Tests shall be considered proprietary
information of Seller and kept confidential by Buyer to the extent allowed by
law. Seller acknowledges that Buyer, as a California municipal corporation is
subject to certain disclosure laws, including, but not limited to, the California
Public Records Act, that Buyer may be required by such laws or judicial
processes to disclose such information, and Buyer may use its reasonable
discretion in determining what information is required to be disclosed.
(c) Buyer shall indemnify, defend (with legal counsel reasonably satisfactory to
Seller), and hold Seller harmless from any claims liability, loss, cost, action,
9
damage, expense or fee which Seller may incur by reason of any Test or the
entry onto the Property by Buyer or its agents. This indemnity shall survive the
termination of this Agreement and Close of Escrow. Notwithstanding the
foregoing, Buyer shall not be obligated to indemnify, defend or hold Seller
harmless if the indemnification arises from Seller's willful acts or omissions
during Buyer's Tests or entry on to the Property.
(d) At any time prior to the expiration of the Due Diligence Period Buyer shall
deliver written notice to Seller and Escrow Agent in the form attached as
Exhibit "D" ("Buyer's Notice") that Buyer is satisfied with the results of its
inspection of the Property. Upon delivery by Buyer of Buyer's Notice, Buyer
shall be committed to move forward with the acquisition of the Property
pursuant to the terms of this Agreement. If Buyer falls to give Buyer's notice
to Seller and Escrow Agent prior to the expiration of the Due Diligence period,
then the following shall occur on the next business day following the expiration
of the Due Diligence Period:
(i) Escrow Agent shall immediately cause the Escrow to be
terminated;
(ii) All monies and any interest thereon, minus any escrow
cancellation fees, shall be returned to Buyer;
(iii) Buyer shall immediately return to Seller all information and
documents received from Seller or obtained by Buyer concerning
the Property; and
(iv) The parties shall have no further rights or obligations to each other
under this agreement with the exception of subparagraph (c) above.
6.2 Possession. Possession of the Property shall be delivered by Seller to Buyer on the
Closing Date upon recordation of the Grant Deed.
ARTICLE 7
GENERAL PROVISIONS
7.1 Assignment. Neither Seller nor Buyer shall have the right to assign their respective
rights or obligations under this Agreement without the express prior written consent
of the other patty.
7.2 Brokers and Finders. Each party represents and warrants to the other that: (a) it has
not engaged or dealt with any broker or finder (collectively, "Broker") in
connection with this transaction, (b) it has not acted in a way that would entitle any
Broker to any commission, and (c) it shall defend, indemnify and hold harmless the
other party from all claims, losses, damages, costs and expenses, including
reasonable attorneys' fees, arising from or related to any assertion by any Broker
contrary to the foregoing clauses (a) and (b) where the same is based upon the acts
or alleged acts of the indemnifying party.
10
7.3 Contingency. This Agreement shall bind the Buyer only following its approval by
the City Council.
7.4 Entire Agreement. This Agreement together with all exhibits attached hereto and
other agreements expressly referred to herein, constitutes the entire agreement
between the parties with respect to the subject matter contained herein. All prior or
contemporaneous agreements, understandings, representations, warranties and
statements, oral or written, are suspended.
7.5 Exhibits. All exhibits referred to herein are attached hereto and incorporated herein
by reference.
7.6 Further Assurances. The parties agree to perform such further acts and to execute
and deliver such additional documents and instnnnents as may be reasonably
required in order to carry out the provisions of this Agreement and the intentions of
the parties.
7.7 Governing Law. This Agreement shall be governed, interpreted, construed and
enforced in accordance with the laws of the State of California.
7.8 Headings. The captions and section headings used in this Agreement are inserted
for convenience of reference and are not intended to define, limit or affect the
construction or interpretation of any term or provision hereof.
7.9 Modification and Waiver. No modification, waiver, amendment or discharge of this
Agreement shall be valid unless the same is in writing and signed by both parties.
7.10 No Other Inducement. The making, execution and delivery of this Agreement by
the parties hereto has not been induced by any representations, statements,
warranties or agreements other than those expressed herein.
7.11 Notices. Notice to either party shall be in writing and either personally delivered
or sent by certified mai!, postage prepaid, return receipt requested, addressed to the
party to be notified at the address specified herein. Any such notice shall be deemed
received on the date of personal delivery to the party (or such party's authorized
representative) or three (3) business days after deposit in the U.S. mail, whichever
occurs first.
Buyer's Address for Notice:
City Manager
City of Encinitas
505 South Vulcan Avenue
Encinitas, CA 92024-3633
11
Seller's Address for Notice:
Frederick L. and Joyce M. Snedeker
645 Rancho Santa Fe Road
Encinitas, CA 92024-6543
Either party may change its address for notice by delivering written notice to the other
party as provided in this section.
7.12 Severability. If any term, provision, covenant, or condition of this Agreement is
held to be invalid, void or otherwise unenforceable, to any extent, by any court of
competent jurisdiction, the remainder of this Agreement shall not be affected
thereby, and each term, provision, covenant or condition of this Agreement shall be
valid and enforceable to the fullest extent permitted by law.
7.13 Specific Performance and Other Remedies. The parties understand that the
Property is unique and for that reason, among others, the Buyer will be irreparably
damaged in the event that this Agreement is not specifically enforced. Accordingly,
in the event of any controversy concerning the obligations under this Agreement,
said obligation shall be enforceable by a decree of specific performance or by
injunction. Such remedies and all other rights and remedies set forth herein shall be
cumulative and not exclusive, and shall be in addition to any and all other remedies
which the parties may have hereunder at law or in equity.
7.14 Successors. Subject to the limitations on assignment set forth in Section 7.1, all
terms of this Agreement shall be binding upon, inure to
the benefit of, and be enforceable by the parties hereto and their respective heirs,
legal representatives, successors, and assigns.
7.15 Time of the Essence. Time is of the essence in the performance of each provision of
this Agreement.
7.16 Time Period Computation. All periods of time referred to in this Agreement shall
include all calendar days, except that if the date or last date to perform any act, or
give any notice or approval, shall fall on a Saturday, Sunday, or state or national
holiday, such act, notice or approval may be timely performed or given on the next
succeeding day which is not a Saturday, Sunday or state or national holiday.
7.17 Waiver. The waiver by one party of the performance of any term, provision,
covenant or condition shall not invalidate this Agreement, nor shall it be not
considered as a waiver by such party of any other term, provision, covenant or
condition. Delay by any party in pursuing any remedy or in insisting upon full
performance for any breach or failure of any term, provision, covenant or condition
shall not prevent such party from later pursuing remedies or insisting upon full
performance for the same or any similar breach or failure.
12
7.18 Representation by Independent Counsel. Each party has had ample opportunity to
consult with independent counsel before executing this Agreement and has executed
this Agreement without fraud, duress or undue influence of any kind.
7.19 Interpretation. The provisions of this Agreement shall be liberally construed to
effectuate its purpose. The language of all parts of this Agreement shall be
construed simply according to its plain meaning, and not for or against any party, as
each party has participated in the drafting of this document and had the oppommity
to have its independent counsel review and comment on the draft.
SELLER:
CITY OF E)qC]J~flTAS, a (
Califor~i/adx~j~j~ co~rp, toration ~k L. '~n~del~-"ff
By:
e~O _ Joyce~. Sr/edeker
Approved as to form:
13
EXHIBIT LIST
A. LEGAL DESCRIPTION OF PROPERTY
B. CONSENT OF ESCROW AGENT
C. FORM OF GRANT DEED
D. BUYER'S NOTICE
E. SELLER'S IRS AFFIDAVIT
14
EXHIBIT "A"
LEGAL DESCRIPTION
That portion of the Southwest Quarter of the Southeast Quarter, in Section 34, Township
12 South, Range 4 West, San Bemardino Meridian, in the County of San Diego, State of
California, according to the Official Plat thereof, lying Westerly of the center line of the
County Road as shown on Map of County Road Survey No. 1317, a Plat of which is on
file in the Office of the County Surveyor of said San Diego County.
Assessor's Parcel No: 216-110-14
EXHIBIT "B"
CONSENT OF ESCROW AGENT
BUYER: CITY OF ENCINITAS
SELLER: FREDERICK L. AND JOYCE M. SNEDEKER
ESCROW NUMBER: t.-i '"'~O~-~'C)q ~'"'~
The undersigned ("Escrow Agent") hereby:
(a) acknowledges delivery of a Purchase and Sale Agreement and Joint Escrow
Instructions ("Agreement") dated q ] ~ ]Oi~-- , between the Seller and
Buyer identified above, and delivery o'f the x~otification described in Section 2.2 of
the Agreement; and
(b) agrees to act as the Escrow Agent in Accordance with the provisions of the
Agreement.
This Consent is executed on q, 12-(~ [1~ 7_~ , which shall constitute the "Opening of
Escrow" pursuant to Section 2.2 of the Agreement.
ESCROW AGENT:
By:
Its Escrow Officer
'-y~ ~. %2
EXHIBIT "C"
GRANT DEED FORM
[To Be Inserted]
EXHIBIT "D"
AFFIDAVIT
Frederick L. Snedeker and Joyce M. Snedeker are the Sellers of that certain real property
located in Encinitas, Califomia (APN 216-110-14) (the Property), which Property is being
transferred though Escrow. No. q~ffSo,/at Fidelity National Title (Escrow Agent).
Section 1445 of the Internal Revenue Code of 1986, as amended, provides that a
Transferee of a U.S. real property interest must withhold tax if the Transferor is a foreign person.
To inform the Buyer/Transferee that withholding of tax will not be required in connection with
the disposition of the Property, the undersigned hereby declares the following on behalf of the
Seller/Transferor:
1. Seller is not a foreign corporation, foreign partnership, foreign trust, or foreign
estate, as those terms are defined in the Internal Revenue Code and Income Tax
Regulations.
2. Seller's U.S. Employer IdeCtifi,cation Number is:
Tax ID/Social Security No{.? ),3'3 3-e'~ ~$ q ~' (-T-) g/a~ -& ''~--'~2''~
3. Seller's address is: ~, c/~- ,~*o4~, ~]~/# ~'~/"~a~~
It is understood that this certificate may be disclosed to the Internal Revenue Service and
that any false statement contained herein could be punished by fine, imprisonment, or both.
Under penalties of perjury we declare that we have examined the foregoing certification
and, to the best of our knowledge and belief, it is true, correct, and complete, and we further
declare that we have the authority to sign this document on behalf of the Seller.
Dated: ~/-~F~>aD ~_ ,2002 Seller:
Frederick L. Snedeker and Joyce M. Snedeker
By: '-~._ -- ....
Its:
Its:
EXHIBIT "E"
BUYER'S NOTICE
The undersigned Buyer hereby notifies Frederick L. Snedeker and Joyce M. Snedeker
(collectively, "Seller") and Fidelity National Title ("Escrow Agent") pursuant to Section
6.1 of that certain Purchase and Sale Agreement and Joint Escrow Instructions between
Buyer and Seller dated as of ~,_,k ?,~c,~ Lee, c5 , 2002 (the "Agreement") that
Buyer is satisfied with its physical and documentary inspections regarding the Property
(as defined in the Agreement), and that Buyer accepts the Property for acquisition
pursuant to the Agreement.
Dated: ~'-c4,~ 17) Buyer:
CITY OF ENCINITAS,
A municipal c~orpor~ion
Title:
- /
Q
Fidelity National Title Company
1 North El Camino Real, Suite 204 · Encinitas, CA 92024
(760) 436-2021 · FAX (760) 436-0593
August 9, 2002
Kerry Miller
505 South Vulcan Ave.
Encinitas, CA 92024
Order No.: 02-913334
We appreciate the opportunity of being of service to you.
Fidelity National Title Company
SCHEDULE A
Order Number: 02-913334 Policy No.: 27-01-90/381067
Amount of Insurance: $ 826,000.00
Premium: $ 2,426.25
Date of Policy: July 19, 2002 at 03:26 p.m.
1. Name of Insured:
City of Encinitas
2. The estate or interest in the land described herein and which is covered by this policy is:
A Fee
3. Title to the estate or interest in the land is vested in:
City of Encinitas
4. The land referred to in this policy is situated in the City of Encinitas, County of San Diego, State
of California, and is described as follows:
SEE EXHIBIT "ONE" ATTACHED HERETO AND MADE A PART HEREOF
THIS POLICY VALID ONLY IF SCHEDULE B IS A'I-rACHED
1
CLTA Standard Policy - 1990 Form
Order No. 02-913334
Policy No. 27-01-90/381067
EXHIBIT "ONE"
That portion of the Southwest Quarter of the Southeast Quarter, in Section 34, Township 12 South,
Range 4 West, San Bernardino Meridian, in the County of San Diego, State of California, according to
the Official Plat thereof, lying Westerly of the center line of the CounW Road as shown on Map of
County Road Survey No. 1317, a Plat of which is on file in the Office of the County Surveyor of said
San Diego County.
Assessor's Parcel No: 216-110-14
2
CLTA Standard Policy - 1990 Form
Order No, 02-913334
Policy No. 27-01~90t381067
SCHEDULE B
EXCEPTIONS FROM COVERAGE
This policy does not insure against loss or damage (and the Company will not pay costs, attorney's fees
or expenses) which arise by reason of:
PART I
All matters set forth in paragraphs 1 through 5 inclusive on the cover of this policy under the caption
Part I of Schedule B.
PART II
1. Property taxes, which are a lien not yet due and payable, including any assessments
collected with taxes to be levied for the fiscal year 2002-2003.
2. 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.
3. Easement(s) for the purpose(s) shown below and rights incidental thereto as granted in a
document.
Granted to: San Diego Gas and Electric Company
Purpose: Public utilities
Recorded: May 24, 1947, Book 2371, Page 106, of Official Records
Affects: As shown in said document.
Reference is made to said document for full particulars.
4. Easement(s) for the purpose(s) shown below and rights incidental thereto as granted in a
document.
Granted to: The County of San Diego
Purpose: County Highway
Recorded: May 23, 1951, Book 4109, Page 416, of Official Records
Affects: Over and across Road Survey No. 1317
Reference is made to said document for full particulars.
3
CLTA Standard Policy - 1990 Form
Order No. 02-913334
Policy No. 27-01-90/381067
Said instrument additionally grants the right to excavate and to extend drainage structures
and embankment slopes beyond the limits of the above described right of way, where
required for the construction and maintenance thereof.
5. Easement(s) for the purpose{s) shown below and rights incidental thereto as granted in a
document.
Granted to: The City of Encinitas
Purpose: An enclosed or unenclosed flood drainage channel for the flowage
of any waters
Recorded: October 3, 1991, Instrument/File No. 1991-0511607, of Official
Records
Affects: As shown in said document.
Reference is made to said document for full particulars.
f~:7':~ I I I I I I I I I:1~1~1~1~1~1 lll~Bl~l~lklll~li~l~l ~ ~ ~ -
. ,.~ ~ I I It1111 I~1~1~1~1~1~1 l~l~l~llq~tl~l~l
913334 maps - SD:A 216-11 04/30/2002 06:.21 ~M 2 of 2
O Fidelity National Title Company
City Of Encinitas DATE: July 22, 2002
C/O Gary T. Barberio ESCROW NO: 4305504-TS
505 South Vulcan Ave. PROPERTY ADDRESS:
Encinitas, CA 92024 Vacant Property located at Saxony Road,
Encinitas, CA 92024
The above referenced escrow has closed as of this date. The following item(s) are enclosed for your
records:
Check 103026 in the amount of $403.42
Settlement and Release Agreement
Closing Statement
PROPERTY TAXES ARE YOUR RESPONSIBILITY. The law does not require that Property tax statements
or notices be mailed, but it places the responsibility for payment entirely upon the owner after the close
of escrow. First installment is due and payable November 1 and delinquent December 10; second
installment is due and payable February 1 and delinquent April 10. If you do not receive a property tax
bill one month prior to delinquency, a written request, including the assessors parcel number and legal
description, must be made to the County Tax Collector. However, if yours is an impounded loan,
property taxes will be paid by the Lender when due.
Recorded documents to which you are entitled will be mailed to you by the County Recorder. We trust
that this transaction has been handled to your satisfaction and look forward to the opportunity of seeing
you again in the near future.
Sincerely,
Tim Szucs
Escrow Officer
(760) 436-2021
TS
enclosure(s)
19! N. El Camino Real #204 · Encinitas, CA 92024 · (760) 436-2021 · FAX (760) 436-0593
OFidelity National Title Company
DATE: July 22, 2002 TIME: 09:24:38
ESCROW NO: 4305504-TS
ESCROW OFFICER: Tim Szucs CLOSING DATE: July 19, 2002
BUYER FINAL CLOSING STATEMENT
SELLER(S): Investment Property Exchange Services, Inc
BUYER(S): City Of Encinitas
PROPERTY: Vacant Property located at Saxony Road, Encinitas, CA 92024
$ DEBITS $ CREDITS
FINANCIAL:
Total Consideration 825,000.00
Deposit - City Of Encinitas 831,878.75
PRORATIONS/ADJUSTMENTS:
Unpaid County Taxes at $1,119.23 Semi-Annuar from 111.92
07/01/02 to 07/19/O2
TITLE CHARGES:
CLTA Standard Policy - 1990 Form for 825,000.00 2,426.25
Documentary Transfer Tax 907.50
Recording Deed 13.00
Report Fee 5.50
ESCROW CHARGES
Escrow Fee 3,180.00
Doc Prep Fees 95.00
Express Mail 30.00
Notary Fees 20.00
BUYERS REFUND $ 403.42
TOTALS $ 832,090.67 $ 832,090.67
SAVE THIS STATEMENT FOR INCOME TAX PURPOSES
A. U,S, DEPARTMENT O~C HOUSING AND URBAnI~I~VELOPMENT B* TYPE OF LOAN ~ OMB No. 2502-0265
1. []FHA 2. []FmHA 3. []Cony, Unins
Fidelity National Title Company 4. I I VA 5. [ ]Conv. t.s
4305504-TS
Encinltas, CA 92024 San Diego, CA 92108
07/1912002
Encinitas, CA 92024
J, SUMMARY OF BORROWER'S TRANSACTIONS K, SUMMARY OF SELLER'S TRANSACTIONS
116, 416.
208. 508,
303. CASH { FROM) {XX TO) BORROWER 403,42 603. CASH { FROM) { TO) SELLER
808,
810.
Monday, July 22, 2002, 09:25
Escrow: 4305504-TS
ATTACHMENT TO RESPA
BUYER SELLER
DEPOSITS TO ESCROW
City Of Encinitas 831,978.75